Question

In: Economics

Assume there are two newspaper companies, New York Times and Washington Post. Given following payoff matrix...

Assume there are two newspaper companies, New York Times and Washington Post.

Given following payoff matrix of simultaneous game, answer the questions.

WP

NYT

scandal

Crisis

Scandal

20, 40

60, 40

crisis

40, 70

50 , 100

  1. What are the strategies each newspaper can choose?

  1. How would you solve this game? Describe the method and solution.

(ex. Dominant strategy, (scandal, scandal))

  1. Describe one example of natural monopoly.

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