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a) What is Nash equilibrium? Using pay-off matrix of your choice demonstrate how Nash equilibrium is arrived at. (10 marks) b) Using a clear graphical

a) What is Nash equilibrium? Using pay-off matrix of your choice demonstrate how Nash equilibrium is arrived at. (10 marks) b) Using a clear graphical illustration explain how public good leads to market failure (6 marks) c) Explain how the market failure in (b) can be addressed.

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