1. Consider the following game: Burger King Low Price Status Quo Heavy Advertising McDonalds Low Price Status Quo Heavy Advertising 60,35 65, 20 55,45 40,40 60,40 45,55 55,45 60,30 60, 40 a) Who are the players in the game? b) What strategies are available to Burger King? c) If McDonalds chooses "Status Quo" and Burger King chooses "Heavy Advertising" then what is McDonald's payoff? d) Find each player's dominant strategy, if any. e) Is there a pure Nash equilibrium? If yes, what is it? 2. Honda Large Small Large 0,0 Toyota Small Don't expand 12,8 18,9 8, 12 16, 16 20, 15 Don't expand 9, 18 15, 20 18, 18 a) Are there any dominated strategies? b) What is the Nash equilibrium?