Question: (a) Let T = 1. What is the critical value of to support the pair of actions (M, m) played in every period? (7) (b)

(a) Let T = 1. What is the critical value of

(a) Let T = 1. What is the critical value of to support the pair of actions (M, m) played in every period? (7) (b) Let T = 2. What is the critical value oz to support the pair of actions (M, m) played in every period? (7) (c) Compare the two critical values in (a) and (b). How do they differ and what is the intuition for this? (6)

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