Question: I'm having problems solving this question, can someone please help me while providing a step-by-step answer? Consider an example of the prisoner's dilemma where 2

I'm having problems solving this question, can someone please help me while providing a step-by-step answer?

Consider an example of the prisoner's dilemma where 2 rms are making sealed bids on a contract and each rm is allowed to bid either $200 or $350. If both rms bid the same price, the job is shared equally and each firm earns half the value of its bid. Otherwise the lowest bidder wins the contract and receives the full value of its bid (and the other bidder earns zero) a) Show the payoff matrix for this game

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(4) What do you do that creates obstacles in their way?

What do they need to do differently?

What do they do well?