Exercise 1: Dominant strategies and Dominated strategies Consider the game in which player 1 (row player) and player 2 (column player) simultaneously choose a startegy. Player 1's strategy set is {U,M,D} and player 2's strategy set is {L,C,R}. The payoffs are displayed in the payoff matrix below. 1. Find the best responses B1(s2) and B2(s1) for both players. 2. Does any player have a dominant strategy? Are any strategies dominated by another strategy? If you identify daminant or dominated strategies, modify the game by eliminating the dominated strategies. Then check whether any player has a dominated strategy in the modified (reduced) game. Repeat this process until no player has any dominated strategy. 3. Define Nash Equilibrium for this game. Identify all Nash Equilibria of this game and explain. Exercise 1: Dominant strategies and Dominated strategies Consider the game in which player 1 (row player) and player 2 (column player) simultaneously choose a startegy. Player 1's strategy set is {U,M,D} and player 2's strategy set is {L,C,R}. The payoffs are displayed in the payoff matrix below. 1. Find the best responses B1(s2) and B2(s1) for both players. 2. Does any player have a dominant strategy? Are any strategies dominated by another strategy? If you identify daminant or dominated strategies, modify the game by eliminating the dominated strategies. Then check whether any player has a dominated strategy in the modified (reduced) game. Repeat this process until no player has any dominated strategy. 3. Define Nash Equilibrium for this game. Identify all Nash Equilibria of this game and explain