Question: Problem 1 - Simultaneous Game There are two players, Player 1 and Player 2. Player 1 can choose either Up or Down. Player 2 can

 Problem 1 - Simultaneous Game There are two players, Player 1

Problem 1 - Simultaneous Game There are two players, Player 1 and Player 2. Player 1 can choose either Up or Down. Player 2 can choose either Left or Right. The payoffs to the two players from each possible outcome are shown the table below. The format for each outcome is (Player l's payoff, Player 2s payoff). Player 2 Left Right Player 1 Up (15, 15) (0, 20) Down (20, 0) (5,5) Answer the following questions, and write your answers in the Answer Sheet. Are there any dominant strategies for either player in this game? If so, identify which player and which strategy. If not, answer "None." Is there a Nash equilibrium for this game (or more than one)? If so, list all of the equilibria. If not, answer "None." What outcome is economically efficient (i.e., maximizes total benefits)

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