1. Game Theory Suppose we have two players, Player 1 is the row player and Player 2 is the column player, where the payoffs in the matrix are (Player 1, Player 2). H. L

H 150, 150 300, 175

L 175, 300 100, 100 a. Given the game matrix above, state all players (if any) that have a dominant strategy. (2 points) b. Explain why or why not each player has a dominant strategy. (4 points) c. What is/are the Nash equilibrium from the game matrix above? (4 points) 2. Labor Markets GivenLD =600-2WandLS =100+2W: a. Solve for the market equilibrium wage and number of employees? (5 points) b. Suppose there is a minimum wage of $150. What is the surplus (unemployment) with the minimum wage? (5 points)