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EC 401001 - FINAL EXAM (2) (5 + 9 + 8 + 8 = 30 points in total) Lincoln Electric, a global manufacturer of welding products, faces upcoming contract talks with its union and is trying to decide whether to bargain aggressively (hard) or instead take an accommodative (soft) position. The union must then decide whether or not to strike. The rewards to each party are listed below for each possible outcome with the industry's reward listed rst in each cell. Union Don't strike Strike Lincoln Hard bargain 65, 10 40, 20 Soft bargain 10, 40 75, 25 (a) Find the pure strategy NE of this game. (b) Now, suppose that Lincoln Electric rst has to decide whether or not to build up its nished goods inventories before it goes to the bargaining. By building inventories, Lincoln can better withstand a strike, if one occurs. The effects of building inventory on the rewards to each party are shown below. If the union strikes, the inventories allow the rm to go longer without a set tlement, and this allows the rm to ultimately negotiate a better deal. Hence, in the event of a strike, Lincoln's rewards are 15 higher than they were before (without the inventories). However, if the union does not strike, the additional inventories are not needed, and compared to the previous situation, Lincoln's reward falls by 5. Lincoln has hired a consultant to gure out how a longer strike would affect the union. So, for now, the union's reward in the upper right hand corner is listed only as \"X\" (though we can assume that a longer strike EC 401001 - FINAL EXAM 5 Will harm the union so that X should be less than 20). Union Don't strike strike Lincoln Hard bargain 60,10 55, X Soft bargain 5, 40 10, 25 lf Lincoln decides not to build inventory, the payoffs in the subsequent bargaining game are the same as the ones given in part (a) above. Depict this game in an extensive form. \f\f