Beer prices in Paradise Beach

Problem definition

There are two bars in the paradise beach resort, Awesome Sloth and Brave Flamingo. Each one of the two bars charges its own price for a beer, either 2€, 4€, or 5€. The cost of obtaining and serving the beer can be neglected. It is expected that 60% of the tourists are relaxed and casual and choose the bars randomly regardless of the price, while 40% are more thoughtful and will go to the bar with the lowest price, and split evenly in case both bars offer the same price.

a) Consider a sample of 100 guests and represent the beer price decision-making as a game with two players where the objective is to maximise revenues

b) Represent the beer price decision-making as a zero-sum game where the objective is to maximise the percentage of revenues per beer sales in the resort