Question: Solve all question please Consider the following Bertrand pricing game between two firms that can choose a high price or low price for their product.

Solve all question please

Consider the following Bertrand pricing game between two firms that can choose a high price or low price for their product. Firm 2 High Price Low Price Firm 1 High Price ($60, $60) ($0, $80) Low Price ($80, $0) ($40, $40) a. Write down the best response strategies for each player. (Restrict strategies to pure strategies.) Firm 2 High Price Low Price Firm 1 High Price ($60, $60) ($0, $80) Low Price $80, $0) ($40, $40) b. What is the Nash Equilibrium of this game? c. What is the efficient strategy profile for this game? Why is it not a Nash Equilibrium? d. Which of the classic game forms is the Bertrand Pricing game analogous to

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