Business, 05.05.2020 21:22 FlowerChild5037

Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart and together they are the only gas stations in town. At the current price of $3 per gallon both receive total revenues of $1,000. Joe is considering cutting his price to $2.90, which would increase his total revenue to $1,350 if Sam continues to charge $3. If Sam's price remains $3 after Joe cuts his price, Sam will collect $500 in revenues. If Sam cuts his price to $2.90, his total revenues would also rise to $1,350 if Joe continues to charge $3. Joe will collect $500 in revenues if he keeps his price at $3 while Sam lowers his to$2.90. Joe and Sam will receive $900 each in total revenue if they both lower their price to $2.90. You may find it easier to answer the following questions if you fill in the payoff matrix below 0e Keep Old ut Pri Pri Cut ice Keep Old 1. To Joe, leaving his price at $3 is a A. revenue maximizing strategy B. dominant strategy C. dominated strategy D. profit maximization strategy

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 09:30, animexcartoons209

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false

Answers: 1

continue

Business, 22.06.2019 18:30, miller5452

Amanufacturer has paid an engineering firm $200,000 to design a new plant, and it will cost another $2 million to build the plant. in the meantime, however, the manufacturer has learned of a foreign company that offers to build an equivalent plant for $2,100,000. what should the manufacturer do?

Answers: 1

continue

Business, 22.06.2019 19:50, TylieW

Aproperty title search firm is contemplating using online software to increase its search productivity. currently an average of 40 minutes is needed to do a title search. the researcher cost is $2 per minute. clients are charged a fee of $400. company a's software would reduce the average search time by 10 minutes, at a cost of $3.50 per search. company b's software would reduce the average search time by 12 minutes at a cost of $3.60 per search. which option would have the higher productivity in terms of revenue per dollar of input?

Answers: 1

continue

Business, 22.06.2019 23:00, kavron2322

Draw a flowchart for a process of interest to you, such as a quick oil-change service, a factory process you might have worked in, ordering a pizza, renting a car or truck, buying products on the internet, or applying for an automobile loan. identify the points where something (people, information) waits for service or is held in work-in-process inventory, the estimated time to accomplish each activity in the process, and the total flow time. evaluate how well the process worked and what might be done to improve it.

Answers: 2

continue

You know the right answer?

Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart and together...