Please answer with complete solution.

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Exercise on Game Theory - Simultaneous Decisions Please answer with complete solution. 1. The following payoff table shows the prots that each firm would earn in each of the ossible scenarios. xvz High $500 5% $600 $600 15: High $0, $1,500 $400, $1000 a. Is there a dominant strategy for ABC? If there is, what is it and why? If none, why? (3 pts) b. Is there a dominant strategy for XYZ? If there is, what is it and why? If none, why? (3 pts) c. What is the likely pair of decisions? What payoff will each receive? (4 pts) 2. From the iven a off table, answer the uestions that follow. Crest Low Medium Hi h Low $400, $400 $320, $720 $560, $600 Medium $500, $300 $450, $525 $540, $500 Colgate High $375, $420 $300, $375 $525, $750 a. Does Colgate have a dominated strategy in the above payoff table? If so, what is it and why is it dominated? If not, why not? (3 pts) b. Does Crest have a dominated strategy in the above payoff table? If so, what is it and why is it dominated? If not, why not? (3 pts) 0. What is the likely pair of decisions? What payoff will each receive? (4 pts) Prisoners' Dilemma Bill Don 'T confess Confess A B B Don't confess 2 years, 2 years 12 years, 1 year Jane C J D Confess 1 year, 12 yeors 6 years, 6 years