Two competing firms, Quick Shop and Fast Mart, are trying to…

Two competing firms, Quick Shop and Fast Mart, are trying to decide whether to charge a low price or a high price for their biggest seller: veggie burgers. The resulting combination of their strategies determines how much profit each earns this week. Below you, are provided a normal form game table for this strategic interaction. Does this game have one or more Nash Equilibria?  If so, identify each Nash Equilibrium.

Consider the following Unit Cost Curves (ATC, AVC, MC, AFC)….

Consider the following Unit Cost Curves (ATC, AVC, MC, AFC).  The cost curves are the result of this firms production process.  Unit costs are shown on the vertical access and quantities are shown on the horizontal axis. At what level of output does this firm produce most efficiently?  What is the minimum price this firm would be willing to sell its output?