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Looking for explanation on how to best think / solve the attached game theory query. Need assistant ASAP. Thanks All. If 2 spiders find a

Looking for explanation on how to best think / solve the attached game theory query. Need assistant ASAP. Thanks All.

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If 2 spiders find a dead insect at the same time, each spider will make menacing gestures to scare off the other. If one spider backs down, that spider gets nothing, and the other spider gets the insect to itself. If both spiders back down, they can share the insect. If neither backs down, the spiders will fight. The payoffs resulting from the fight depend on the sizes of the spiders and are described below. Spider 2 Back Down Fight Back Down 5, 5 0, 10 Spider 1 Fight 10, 0 X, y (a) (50 points) Suppose that the spiders are the same size, so that x=y. For what values of x will each spider have a dominant strategy? (Show your work) (b) (100 points) Again, suppose the spiders are the same size. For what values of x will this game be a Prisoner's Dilemma? (Show your work). (c) (100 points) Suppose that spider 1 is smaller than spider 2 and that x

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