1 answer

Two competing electronics stores must decide each week whether to advertise in one and only one...

Question:

Two competing electronics stores must decide each week whether to advertise in one and only one of the three media: TV, radio, or newspaper. From past experience they knovw that the payoff matrix in terms of percent of the market gained or lost to the other is as follows TV Radio Paper TV Radio 5 05 Paper 2-5 Find the value of this game and the optimal strategies. (Round your answers to two decimal places |%ofthe time, and in the newspaper %ofthe time. The row player store should advertise on the TV The column player store should advertise on the TV %ofthe time, on the radio %ofthe time, and in the newspaper %ofthe % of the time, on the radio The value of the game is % of the market.
Two competing electronics stores must decide each week whether to advertise in one and only one of the three media: TV, radio, or newspaper. From past experience they knovw that the payoff matrix in terms of percent of the market gained or lost to the other is as follows TV Radio Paper TV Radio 5 05 Paper 2-5 Find the value of this game and the optimal strategies. (Round your answers to two decimal places |%ofthe time, and in the newspaper %ofthe time. The "row player store should advertise on the TV The "column player store should advertise on the TV %ofthe time, on the radio %ofthe time, and in the newspaper %ofthe % of the time, on the radio The value of the game is % of the market.

Answers

Solution: 2. Dominance rule to reduce the size of the payoff matrix Player B B1 B2 B3 A11 0 Player A A2-5 0 5 .431 2-52 row-25 row-1, so remove row-2 Player B B1 B2 B3 A1 1 0 .431 2-52 Player A column-1 2 column-3, so remove column-1 Player B B, B3 0 A Player A

row player

Tv=87.5%

radio=0%

newspaper=12.5%

column player

Tv=0%

radio=24%

newspaper=75%

value of game=25% of market

.

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