Question: Use the given table to solve the answers-A) Find (if any) each firm's dominant strategy.B) Which strategy does each firm choose in equilibrium when collusion

Use the given table to solve the answers-A) Find (if any) each firm's dominant strategy.B) Which strategy does each firm choose in equilibrium when collusion (joint agreement) is not allowed?C) Suppose that collusion is allowed between the two firms. Could these firms benefit from collusion? Why or why not?

QUESTION 3 Consider two firms in the Australian market. The table below depicts each firm's profits, depending on what price both firms charge. Firm B chooses Low High Low Firm A earns $16M Firm A earns $4M Firm B earns $16M Firm B earns $23M Firm A chooses High Firm A earns $23M Firm A earns $18M Firm B earns $4M Firm B earns $18M

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