equilibrium? (With the exception of the wording for part (a), the following is question #7 (pg. 401) from Chapter 10 of Samuelson and Marks, 2010) In 2003, Saudi Arabia and Venezuela (both members of OPEC) produced an average of 8 million and 3 million barrels of oil a day, respectively. Production costs were about $10 per barrel, and the price of oil averaged $28 per barrel. Each country had the capacity to produce an additional 1 million barrels per day. At that time, it was estimated that each 1-million-barrel increase in supply would depress the average price of oil by $3. (a) With Saudi Arabia as the row player and Venezuela as the column player, use the above information to complete the game matrix. Continued on next page CamScannerwnsend ECON-3104: Assignment #3 Winter 20 (b) What actions should each country take and why? (c) Does the asymmetry in the countries' sizes cause them to take different attitudes towards expanding output? Explain why or why not. Comment on whether or not a prisoner's dilemma is present. iography uelson, William F. and Stephen G. Marks (2010) Managerial Economics. Sixth ion. Hoboken, N.J.: John Wiley and Sons, Inc. CamScanner