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Economics question regarding profits and calculations

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  1. Consider the following scenario:

    2. A small town is served by two grocery stores, White and Gray. ; Each store must decide whether it will remain open on Sunday or whether it will close on that day. ; Monthly payoffs for each strategy pair are shown in the following table:

    Gray’s choices

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  2. Showing all of your work, answer the following questions:
    1. Which firm is the more profitable in this market?
    2. Does the firm you identified as more profitable have a dominant strategy?
    3. Based on your calculations, what should the more profitable firm do: open on Sundays or close on Sundays? ; Explain your answer.
    4. Is this an example of a Prisoner’s Dilemma? ;Explain your answer.

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