Question: 3) For this problem you will turn in an Excel file. Create an Excel model of the following cartel enforcement problem. Your model should

3) For this problem you will turn in an Excel file. Create

3) For this problem you will turn in an Excel file. Create an Excel model of the following cartel enforcement problem. Your model should allow the user to change each player's MARR as well as each player's payoffs for each outcome. Player B Break Quota Keep Quota Break 20 20 40 10 Quota Player A Keep 10 40 25 25 Quota Player A B MARR 15% 15% Cooperative payoff Competitive Payoff Cheater's payoff Sucker's payoff a) (10 Points) Create a tab in your Excel sheet and name it 'Part a'. In that tab solve the cartel enforcement problem shown above. What are the cooperative, competitive, cheaters, and sucker's payoffs for each player? To receive credit, the excel sheet must calculate the payoffs - typing in numerical answers is not acceptable. b) (10 Points) Create a tab in your Excel sheet and name it 'Part b'. Solve the cartel enforcement problem shown above, then use the solver function to determine the MARR which will make the players indifferent between cooperating and cheating.

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