44) Table: Dana, Marnee Payoff Table Mamee Milk Producer Cheat Dana Milk Produce

Question

44) Table: Dana, Marnee Payoff Table Mamee Milk Producer Cheat Dana Milk Producer Cooperate eat (30, 30) Refer to the table. Using the information in the table, answer the following questions. a. What is Dana Milk Producer's dominant strategy? b. What is Mamee Milk Producer's dominant strategy? 45) What are some reasons cartes could fai? 46) iTunes is an online digital media store operated by Applk. Songs may be purchased individually, and each song has a popularity meter that keeps track of how many consumens have downlbaded the song. What information does the popularity meter on iTunes give to consumers, and does the meter itself influence how many consumers download songs? Explain. 47) Why does a monopolistic competitive industry experience zero economic profits in the long run? 48) Products can be differentiated along many dimensions. Explain.

Explanation / Answer

From the given table,

(a) Dana Milk producer's dominant strategy will be cheat. Since, as per the changing the game concept, the ratio of Cheat (80) is more than cooperate(20)

(b) Marnee Milk producer's dominant strategy will be Cheat. Since, as per the changing the game concept, the ratio of Cheat (80) is more than cooperate(20)

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