4.The following is a payoff matrix showing profit in millions of dollars when two companies simultaneously decide on various advertising budgets ($1 million, $2 million, or $3 million):

Pizza Hut

$1 mill

$2 mill

$3 mill

$1 mill

$1200 / $1700

1000 / 1900

700 / 1800

Papa Johns

$2 mill

1300 / 1500

1200 / 1600

900 / 1550

$3 mill

1500 / 1400

1100 / 1450

800 / 1500

a.In the first round of strategy elimination (when all three possible budgets are under consideration), which ad budget would the companies exclude?

b.After the first round of elimination (previous question), would either company make a second-round elimination?

c.What would be the likely outcome of this simultaneous advertising decision (i.e. what ad budget would each company end up choosing)?