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2. 400 people are choosing between Action A and Action B. The payoffs depend on how many choose each action. A diagram is shown below:

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2. 400 people are choosing between Action A and Action B. The payoffs depend on how many choose each action. A diagram is shown below:

(a) 250 individuals using Action B is an equilibrium. Is it a stable equilibrium? How do you know?

image text in transcribed
2. 400 people are choosing between Action A and Action B. The payoffs depend on how many choose each action. A diagram is shown below: Payoff Action B Action A 250 Number using Action B (a) 250 individuals using Action B is an equilibrium. Is it a stable equilibrium? How do you know? (b) What is the optimal outcome for the society as a whole? How do you know

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