Microeconomics

1. (20 points) Consider the game with two brothers with inherited antique in the previous assignment. Now, suppose the older brother proposes a price first and the younger brother, after observing the price proposed by the older brother, proposes another price. The buyer's actions facing the prices are the same as in the previous assignment. Illustrate the extensive form of the game (you may omit part of the game tree, as long as your illustration gives sufficient information about the game). Find all the subgame perfect Nash equilibria of this modified game