Deliverable 04 – Worksheet
Deliverable 04 – Worksheet
- Market research has determined the following changes in market shares based on the different combinations of music choices for the two clubs: if both clubs play country, the new club (Club 1) does very well with a 24% increase in market share. If Club 1 plays country and the competing club (Club 2) plays rock, Club 2 gets a 12% increase in market share. If these choices are reversed, Club 2 does even better and gets an 18% increase in the market share. Lastly, if both clubs play rock, Club 1 does better and gets a 6% increase in market share. This results in the following payoff matrix:
| Club 2 | |||
| Club 1 | Country | Rock | |
| Country | (24, -24) | (-12, 12) | |
| Rock | (-18, 18) | (6, -6) |
Use this payoff matrix to determine if there are dominant strategies for either player. Find any Nash equilibrium points. Show all of your work.
- Use the payoff matrix from number 1 to determine the optimum strategy for Club 1. Show all of your work.
- Use the payoff matrix from number 1 to determine the optimum strategy for Club 2. Show all of your work.
- Find and interpret the value of the game.
- Working in parallel your co-worker wants to make the recommendation that the new club owner should always follow the schedule shown below. Do you agree or disagree with this strategy? Explain your reasoning.
| Wednesday | Thursday | Friday | Saturday | Sunday |
| Country | Rock | Country | Rock | Country |
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