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For each of the following statements concerning the role of strategic thinking in management decision, explain whether statement is true or false. Managers of firms operating in perfectly competitive markets need to ' get into the heads' of rival managers to make more profitable decisions." "Strategic thinking by managers in oligopolistic industries promotes rational decision making, which will increase total industry profit." C. "Despite the interdependent nature of profit, oligopoly managers have the same goal as perfect competitors, monopolists, and monopolistic competitors Question 2 Two firms, Small and Large, compete by price. Each can choose either a low price or a high price. The following payoff table shows the profit (in thousands of dollars) each firm would carn in each of the four possible decision situations: Large Low price High price Low price $200, $500 $600, 5600 imall High price 40, $1500 $400, $1000 Is there a dominant strategy for Small? If so, what is it? Why? b) Is there a dominant strategy for Large? If so, what is it? Why? c) What is the likely pair of decisions? What payoff will each receive? Question 3 Managers at Firm A and Firm B must make pricing decisions simultaneously. The following demand and long-run cost conditions are common knowledge to the managers: QA = 72 - 4P, + 4P, and LAC, = LMC, = 2 QB = 100-3Pg + 4PA and LACE = LMCg = 6.67 The accompanying figure shows Firm B's best-response curve, BRg. Only on Firm A's best- response curve, point G, is shown in the figure. 30 Find a second point on Firm's A best-response curve by finding the best-response when Firm A believes Firm B will set a price of $60. Plot this price pair on the graph, label it H, draw the best-response for Firm A, and label it BRA- b. When prices do you expect the managers of Firm A and B to set? Why? Label this point on the graph N. C. Compute each firm's profit at point N. d. Explain carefully why the pair of prices at point H in the figure is not likely to be chosen by the managers? C. Suppose that the managers of the two firms decide to cooperate with each other by both agreeing to set prices PA = $45 and Pg = $60. Label this point C in the figure. Compute each firm's profit at point C. Which firm(s) makes(s) more profit at point Cthan at point N? Why didn't you give point C as your answer to part b