PROBLEM 2 Three classmates, Arthur, Isaac, and Ray are going to take an exam. Each of them is deciding whether to put in effort or to slack. Their grade on the exam depends not only on how well they do, but also on their performance relative to the other students. The grades they will obtain, which depend on how many of the students choose each of the two actions, are shown in the following table: Outcome Grade for hard worker(s) Grade for slacker(s) 3 students put in effort B 2 students put in effort, 1 B C student slacks 1 student puts in effort, 2 A C students slack 3 students slack C Suppose the enjoyment levels from receiving an A, B, or C are represented by a, b, and c, respectively. Suppose also that if a student puts in effort, it reduces his enjoyment by 4, no matter the grade he gets.2.4 Two of the following 4 conditions must be true for {effort, slack, slack}, {slack, effort, slack}, and {slack, slack, effort] to be Strict Nash Equilibriums. Identify them, and explain your answer: Condition 1: a -4> b Condition 2:a - 4 c Condition 4: b - 4