10. Use the following payoff table for Hardaway Corporation and Paxton Industries. These two firms must make simultaneous pricing decisions. They can choose low, medium, or high prices. The payoffs given are in thousands of dollars of profit per month. Paxton Industries Low Medium High A B B Low $60, $60 $90, $40 $64, $40 D E F Hardaway Corp. Medium $40, $90 $80, $80 $90, $70 G H High $30, 996 $76, $104 $100, $700 Payotts in thousands of dollars of monthly profits. a. Following the procedure of successive elimination of dominated strategies, the manager of llardaway Corporation will eliminate in the first round the strategy of setting b. Following the procedure of successive elimination of dominated strategies, the manager of Paxton Industries will eliminate in the first round the strategy of setting After the first round of eliminating dominated strategies for both firms are there dominant/dominated strategies? d. For the simultaneous pricing decision facing Hardaway Corporation and Paxton Industries, what is the likely outcome? Is it a strategically stable pricing decision? e . Is it a Nash equilibrium? Explain