Question 51 10 pts Please use the table below to answer your questions. Rival Response Action Reduce Price Don't Reduce Price Reduce Price Loss - $800 Gain = $50.000 Don't Reduce Price Loss = $6.000 No loss or gain 1. If the probability of rivals matching a price reduction is 97 percent, what is the expected payoff of a price cut? - Please show your work (3 points) - Your answer (2 points) 2. If the probability of rivals reducing price even though you don't is 10 percent, what is the expected payoff of not reducing price? Please show your work (3 points) Your answer (2 points) . . Edit View Insert Format Tools Table 12pt Paragraph 2 Question 51 10 pts Please use the table below to answer your questions. Rival Response Action Reduce Price Don't Reduce Price Reduce Price Loss - $800 Gain = $50.000 Don't Reduce Price Loss = $6.000 No loss or gain 1. If the probability of rivals matching a price reduction is 97 percent, what is the expected payoff of a price cut? - Please show your work (3 points) - Your answer (2 points) 2. If the probability of rivals reducing price even though you don't is 10 percent, what is the expected payoff of not reducing price? Please show your work (3 points) Your answer (2 points) . . Edit View Insert Format Tools Table 12pt Paragraph 2