1. Consider the game Paper, Rock, & Scissors with the usual rules (simultaneous game). A. Write the pay-off matrix for all available outcomes B. What is Player 1's dominant strategy? C. What is Player 2's dominant strategy? D. What is the Nash equilibrium? E. Change in the rules, it is now a sequential game where Player 1 'throws' first and Player can see what Player 1 has played. How does this change the game? F. Change in rules: Assume that before Player 2 makes his choice, Player 1 tells him one of the two choices he has not made. That is, if Player 1 has chosen "Scissors", he may tell Player 2 either that he has not chosen "Rock" or that he has not chosen "Paper". Describe the three choices and the potential payoff that Payer 2 has. G. Draw up the Payoff matrix for Player 2 for this game. What is Player 2's preferred strategy? 2. The widget market is controlled by two firms: Acme Widget Company and Widgetway Manufacturing. The structure of the market makes secret price cutting impossible. Each firm announces a price at the beginning of the time period and sells widgets at the price for