1. Consider the following game in which two firms decide how much of a homogeneous good to produce. The annual profit payoffs for each firm are stated in the cell of the game matrix, and Firm A's payoffs appear first in the payoff pairs: Firm B - low output Firm B - high output Firm A - low output 300, 250 200, 100 Firm A - high output 200, 75 75, 100 a. Draw a tree (extensive form) of this game. b. Describe what is meant by a dominant strategy. c. Given the payoff matrix above, does each firm have a dominant strategy? What are the dominant strategies in this game? d. What is the Pure Strategy Nash Equilibrium for this game