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Question 1 (10 points) Cooper and Rebecca run the only two lawncare companies in a small town. If they worked independently and kept prices low,

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Question 1 (10 points) Cooper and Rebecca run the only two lawncare companies in a small town. If they worked independently and kept prices low, they would each earn $3000. If they cooperated and raised prices, they know they could raise the price of their lawncare services and service fewer lawns, which allows each to earn $4500. If one person raises prices and other does not, the person who raises prices will earn $1000 and the other will earn $6000. Draw a table representing their dilemma and answer the following questions: 1. What is the best choice for Cooper if he thinks Rebecca will cooperate? 2. What is the best choice for Rebecca if she thinks Cooper will work independently? 3. What is the likely result of this version of the prisoner's dilemma given our understanding of basic game theory

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