ESSAY PRACTICE FOR EXAM PAYOFF MATRIX QUESTIONS B\A A A MANGOES PEACHES B MANGOES 5/14 10/10 B PEACHES 12/12 14/5 (a) Explain what As best response is if B Plants MANGOES AND what would be A's best response if B plants PEACHES (b) Does A have a dominant strategy? Explain. (c) Explain what B's best response is if A plants MANGOES AND what would be B's best response if A plants PEACHES (d) Does B have a dominant strategy? Explain. (e) Is there a dominant strategy equilibrium? Explain with reference to the total payoffs and whether it is the best possible outcome or not for both players. Is it pareto efficient? (f) Does the pursuit of self interest always result in the maximum payoffs? How does the above game differ to a Prisoner's dilemma game ?