Economic

Answer the question based on following payoff Matrix

Answer the question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. Firm X High Price Low Price X = $625 X = $725 Y = $625 Y = $375 Firm Y Low Price | High Price X = $375 X = $400 Y =$725 Y = $400 Refer to the above payoff matrix. If both firms operate independently and do not collude, the most likely profit is: O $400,000 for firm X and $400,000 for firm Y O $625,000 for firm X and $475,000 for firm Y $725,000 for firm X and $475,000 for firm Y O $475,000 for firm X and $725,000 for firm Y O $625,000 for firm X and $625,000 for firm Y