3.1 Would backward induction be useful in determining the optimal decision in the following situations?

If so, describe the decisions in each game being played.

a. You and a rival are introducing very similar products at the same time and must determine what price to set.

b. You are an executive at an oil-drilling and oil-producing company that is considering drilling in a new field. You are negotiating with a pipeline company that would build a pipeline from the field to the market.

c. You are an executive at the American Cancer Society. You are setting a single date for a fund-raising walk-a-thon to be held in cities throughout the nation. You learn that the American Diabetes Association is considering the same sort of fund-raiser. The funds raised for each charity will be larger if the walk-athons do not conflict with each other.