Question: Q3) Suppose Procter & Gamble (PG) and Johnson & Johnson (JNJ) are simultaneously considering new advertising campaigns. Each firm may choose a high, medium, or

Q3) Suppose Procter & Gamble (PG) and Johnson & Johnson (JNJ)
are simultaneously considering new advertising campaigns. Each firm may choose a high,

Q3) Suppose Procter & Gamble (PG) and Johnson & Johnson (JNJ) are simultaneously considering new advertising campaigns. Each firm may choose a high, medium, or low level of advertising. What are each firm's best responses to its rival's strategies? Does either firm have a dominant strategy? What is the Nash equilibrium in this game? PG High Medium Low 2 High 5 3 4 JNJ Mediums 2 4 6 5 Low 7

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