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Hello, I need some help understanding these questions: fNow suppose both players have Bolten-Ockenfels preferences. Specifically, suppose both players have the following identical utility function:

Hello, I need some help understanding these questions:

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\fNow suppose both players have Bolten-Ockenfels preferences. Specifically, suppose both players have the following identical utility function: 2 ui = Xi - 100 . NIH if x, + x, >0, and xitx ui = Xi if x, + x, =0. Back up all claims below with a numerical analysis. 47. What is 2's best response, if 1 makes a high offer (H)? 48. What is 2's best response, if 1 makes a medium offer (M)? 49. What is 2's best response, if 1 makes low offer (L)? 50. What is the subgame perfect Nash equilibrium (Ha, Hr, Ma, Mr, La, or Lr)

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