Question: Need help with this question. Understanding the dominant strategy. Question 3 Consider the following pay-off matrix that relates to tariff setting for Australia and New

Need help with this question. Understanding the dominant strategy.

Question 3 Consider the following pay-off matrix that relates to tariff setting for Australia and New Zealand. What is the dominant strategy for Australia and New Zealand and why? New Zealand Low tariffs High tariffs Australia $1.5bn $0.8bn Low tariffs $3.0bn $5.0bn High tariffs $3.0bn $2.0bn $2.0bn $5.0bn

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