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The Pelicans and Coastal Carolina Baseball are rivals for sport fans living in Myrtle Beach and Conway. Every winter both teams sit down (independently) and set their prices for tickets for the season. Each team must honor the prices they establish for the whole season. The preparation time for marketing and advertising is the same so the two teams must make their pricing decisions simultaneously and without knowing the other team’s choices. They know they are trying to sell tickets to a common pool of potential customers, who are smart sport fans and looking for low prices.
The breakeven for Coastal is $20 per ticket while the breakeven for the Pelicans is $15 per ticket (NOTE: The breakeven is the minimum price they can sell a single ticket for and not lose any money). Coastal has determined if they charge $30 for a ticket they will sell 2/3 of the available tickets (NOTE: The stadium holds 3,000 paying customers) and make a profit of $20,000 [($30-$20) x (2/3 x 3,000) = $20,000]. If the Pelicans charge the same $30 they will sell 2/3 of the available tickets (NOTE: The Pelicans stadium holds 5,000 paying customers) and make a profit of $50,000 [($30-$15) x (2/3 x 5,000) = $50,000]. Moreover, if Coastal charges $25 for a ticket they will sell all of their available tickets, having attracted 500 new fans and taking 500 fans from the Pelicans. Likewise, if the Pelicans charge $25 they will sell out, taking 500 fans from Coastal and getting 1,166 new fans.
Given this information answer the following questions/perform the following tasks…
1)Do game matrix to show the players, the strategies, and the outcomes.
2)What type of game is being played? Why do you say this?
3)Is there a dominant strategy, strictly stupid strategy, weakly stupid strategy, and/or Nash Equilibrium? If so what is/are they? How did you reach the conclusion you did?
4)What price should Coastal choose? Why? What price should the Pelicans choose? Why?
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