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Dr. Fine and Dr. Feelgood are the only two medical doctors offering immediate w Show more Question 8.8. Dr. Fine and Dr. Feelgood are the only two medical doctors offering immediate walk-in medical services in the town of Springfield. That is they operate in a duopoly.

Each doctor can charge either a high price or a low price for a standard medical visit. The accompanying matrix shows their payoffs in profits per patient (in dollars) for any choice that the two doctors can make and tables a. through d. show two periods of various pricing choices. Some tables may be suitable answers for more than one outcome. Table a. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine Low 35 Fine Low 35 70 Feelgood Low 35 Feelgood Low 35 70 Table b. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine Low 45 Fine Low 35 80 Feelgood High 0 Feelgood Low 35 35 Table c. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine High 0 Fine Low 35 35 Feelgood Low 45 Feelgood Low 35 80 Table d. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine High 38 Fine High 38 76 Feelgood High 38 Feelgood High 38 76 Which table above correctly portrays the outcomes if both doctors always cheat? (Points : 8) Table a Table b Table c Table d Question 9.9. Dr. Fine and Dr. Feelgood are the only two medical doctors offering immediate walk-in medical services in the town of Springfield. That is they operate in a duopoly. Each doctor can charge either a high price or a low price for a standard medical visit. The accompanying matrix shows their payoffs in profits per patient (in dollars) for any choice that the two doctors can make and tables a. through d. show two periods of various pricing choices. Some tables may be suitable answers for more than one outcome. Table a. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine Low 35 Fine Low 35 70 Feelgood Low 35 Feelgood Low 35 70 Table b. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine Low 45 Fine Low 35 80 Feelgood High 0 Feelgood Low 35 35 Table c. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine High 0 Fine Low 35 35 Feelgood Low 45 Feelgood Low 35 80 Table d. FIRST Period FIRST Period Payoffs SECOND Period SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Payoffs Charges (high or low) Payoffs TOTAL Payoffs Fine High 38 Fine High 38 76 Feelgood High 38 Feelgood High 38 76 Which table above correctly portrays the outcomes if Dr. Fine plays tit-for-tat and Dr. Feelgood plays tit-for-tat? (Points : 8) Table a Table b Table c Table d Show less

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