Part A - Please use slide presentation for reference and answer questions in one sentence or less. Use the following hypothetical example to answer questions 1-5: UPS and FedEx, the two largest small package shipping companies in the US, are both facing two strategy choices regarding pricing: (1) set high rate, or (2) set low rate. They are making these decisions simultaneously and profits are known, as per the payoff matrix below. FedEx Set High Price Set Low Price $5 bn $2 bn UPS Set High Price $4 bn $5 bn $7 bn $4 bn Set Low Price $2 bn $3 bn 6. Is the strategic thinking in game theory more applicable to highly competitive or highly concentrated markets/industries? 7. Why is cooperation between players easier in repeated games? 8. What is one way to solve the end-period problem? Explain or give an example I 9. When is a random strategy appropriate? Explain or give an example 10. What is one technique used to determine the most likely outcome when there are multiple Nash equilibira? Part A - Please use slide presentation for reference and answer questions in one sentence or less. Use the following hypothetical example to answer questions 1-5: UPS and FedEx, the two largest small package shipping companies in the US, are both facing two strategy choices regarding pricing: (1) set high rate, or (2) set low rate. They are making these decisions simultaneously and profits are known, as per the payoff matrix below. FedEx Set High Price Set Low Price $5 bn $2 bn UPS Set High Price $4 bn $5 bn $7 bn $4 bn Set Low Price $2 bn $3 bn 6. Is the strategic thinking in game theory more applicable to highly competitive or highly concentrated markets/industries? 7. Why is cooperation between players easier in repeated games? 8. What is one way to solve the end-period problem? Explain or give an example I 9. When is a random strategy appropriate? Explain or give an example 10. What is one technique used to determine the most likely outcome when there are multiple Nash equilibira