a. Consider the following payoff matrix for a game. Does either player have a dominant strategy? Is there a Nash equilibrium/equilibria? Explain your answer.
Player A Player B
Left Right
Top 1,2 3,1
Bottom 2,4 4,3
b. Consider the following payoff matrix for a game and sketch the payoff matrix as a game tree, assuming player A is the first mover. Using backwards induction, solve your game tree. Explain your answer.
Player A Player B
Left Right
Top 4,4 4,3
Bottom 5,2 3,3