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2. Venetia employs Richel at her day spa. Richel must choose whether to pursue training that costs $100,000 to herself or not. Venetia must decide whether to pay a fixed wage of $1,000,000 to Richel or share the revenues of the enterprise 50:50 with Richel. The output is positively affected by both training and revenue sharing. With no training and a fixed wage, the total output is $2,000,000, while if either training or revenue sharing, but not both, is implemented the output rises to $2,200,000. If both training and revenue sharing are implemented the output is $2,500,000. (a) Complete the following payoff matrix. Venetia Fixed Wage Revenue Sharing Training Richel No Training Payoff (Richel, Venetia) in millions of dollars. (b) Find the pure strategy Nash equilibrium. (i) Is it a dominant strategy equilibrium? Explain. (ii) Can it be reached by iterated dominance? [8] [4] [3] [2]