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Read and answer my question of ” if you are group A what would you bid and why? A paragraph or two would be nice as to why. Thank youThe “Big Enchilada Strategy”based on actual market behavior as revealed in Congressional testimonyA new drug in the 1950s was considered a wonder antibiotic and widely prescribed by doctors. It was also cheap to produce, costing 10 cents a tablet. The market was divided by two drug companies which sold the capsules to retailers for about $1.00 a capsule. By contrast mark-ups for most products in most industries are more in the range of 10 to 20%. Fixed costs were minimal.The two companies obviously were making handsome profits on the drug when a huge new customer, the Public Health Service, requested bids on an order. Only one company would get the contract. What should the two companies do? Given the size of the order, any price over 10 cents would yield a company large profits, but the other company would have the same incentives, with the result that the two companies could end up, horror of horrors, actually competing and making minimal profits. A best case scenario for each company would be for the other company to hold the line at $1.00 and to win the bid by bidding 99 cents.The Study Groups will be assigned to either firm A or firm B and will compete with one other Study Group with the opposite firm identify. See the Study Group to see whether you are A or B. You will receive credit for this assignment if your Group answers by Tuesday with a price at which you are willing to sell the product along with explanation, at which point I will compare the answers with what actually happened. Either A or B will be declared the winning bidder.In the Second and Third Round, (due Thursday and Saturday respectively) a winning bid will similarly be determined after I explain a new situation. I will compare these answers to what actually happened in this case, which could be different, of course.One hint: I have called this the “Big Enchilada” situation for a reason and it is not because this drug aids digestion
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