Please used attached file for complete questions. Thank you.

1. For the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict.Andersonville has two gas stations, Ralph's Qwik-Serv and Charlie's Gas-n-Go. Both Ralph and Charlie are considering raising prices by 1, staying with their current prices, or lowering prices by 1. If they both make the same choice, there will be no change in their market shares, but if they make different choices, the one with the lower price will gain9%of the market for each penny difference in their prices.

8/13/2016 Unit 7 Quiz (8.1) Ryan Manuel MAT230, section MAT230.31 MOD6 2016, Summer 2 2016 Instructor: Kathleen Ferguson WebAssign Unit 7 Quiz (8.1) (Quiz) Current Score : - / 40 Due : Sunday, August 14 2016 11:59 PM EDT 1. -/12 pointsBerrFinMath1 8.1.002. For the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict. Andersonville has two gas stations, Ralph's QwikServ and Charlie's GasnGo. Both Ralph and Charlie are considering raising prices by 1, staying with their current prices, or lowering prices by 1. If they both make the same choice, there will be no change in their market shares, but if they make different choices, the one with the lower price will gain 9% of the market for each penny difference in their prices. Charlie R S L R Ralph S L % % % % % % % % % What does R represent? R represents lowering the price by 1. R represents raising the price by 1. R represents keeping the price the same. What does S represent? S represents raising the price by 1. S represents keeping the price the same. S represents lowering the price by 1. What does L represent? L represents raising the price by 1. L represents keeping the price the same. L represents lowering the price by 1. Show My Work (Optional) 2. -/5 pointsBerrFinMath1 8.1.003. For the game, identify the saddle point and determine the corresponding optimal strategy for each player. 5 7 1 6 The saddle point is the in row The optimal strategy is for R to always choose row and column . and for C to always choose column . Show My Work (Optional) https://www.webassign.net/web/Student/AssignmentResponses/last?dep=13959997 1/3 8/13/2016 Unit 7 Quiz (8.1) 3. -/5 pointsBerrFinMath1 8.1.004. For the game, identify the saddle point and determine the corresponding optimal strategy for each player. 2 3 1 3 4 5 The saddle point is the in row The optimal strategy is for R to always choose row and column . and for C to always choose column . Show My Work (Optional) 4. -/5 pointsBerrFinMath1 8.1.005. For the game, identify the saddle point and determine the corresponding optimal strategy for each player. 1 2 4 6 5 5 1 3 4 The saddle point is the in row The optimal strategy is for R to always choose row and column . and for C to always choose column . Show My Work (Optional) 5. -/5 pointsBerrFinMath1 8.1.006. For the game, identify the saddle point and determine the corresponding optimal strategy for each player. 24 7 6 1 23 18 21 30 13 15 22 10 The saddle point is the in row The optimal strategy is for R to always choose row and column . and for C to always choose column . Show My Work (Optional) https://www.webassign.net/web/Student/AssignmentResponses/last?dep=13959997 2/3 8/13/2016 Unit 7 Quiz (8.1) 6. -/8 pointsBerrFinMath1 8.1.008. Determine the optimal strategy for the situation by representing it as a game and finding the saddle point. State your final answer in the terms of the original question. A Republican and a Democratic candidate are running for office in a heavily Republican county. A recent newspaper poll comparing their views on taxes and welfare reform showed that when compared on taxes or on welfare reform, the Republican leads by 20%. When comparing the Democrat on welfare reform to the Republican on taxes, the Republican leads by 25%. But when comparing the Democrat on taxes to the Republican on welfare reform, the Republican leads by only 5%. Use this information to decide what each candidate should discuss at their next debate. (Let T represent taxes and W represent welfare reform.) Democrat T W T Republican W % % % % The saddle point is the in row and column . What should each discuss at their next debate? The democratic candidate should discuss taxes, while the republican candidate discusses welfare reform. They both should discuss welfare reform at their next debate. The democratic candidate should discuss welfare reform, while the republican candidate discusses taxes. They both should discuss taxes at their next debate. Show My Work (Optional) https://www.webassign.net/web/Student/AssignmentResponses/last?dep=13959997 3/3