For Problems 6-8, consider the following information Two airlines are deciding how to price an airline ticket (either $5 or $8 per ticket). One airline must choose their price today, the other can choose their price tomorrow. Tickets for both airlines go for sale one week from today. There is a total of 100 consumers.

Problem 6 Specify each component of the game (label each of them)

Problem 7 Illustrate the game in extensive tree form

Problem 8 Using backwards induction, what is the equilibrium