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Question 1 Consider the following two games played on a network. In both cases the players are sellers. A seller's neighbors in a the network
Question 1 Consider the following two games played on a network. In both cases the players are sellers. A seller's neighbors in a the network are a list of those other sellers whose actions affect the seller's profits. a). Each player chooses whether or not to set a high price and then the market will determine the quantity sold). In particular, stands for charging a high price, and stands for charging a low price. Player's profit as a function of her price and the prices of her neighbors in the network is. b). Each player chooses whether or not to produce a high quantity (and then the market determines the price at which the player sells). In particular, stands for a high quantity, and stands for a low quantity. Player 's profit as a function of her quantity and the quantities of her neighbors in the network is. According to the definition of strategic complements/substitutes, which statement is correct? Which of the action(s) are strategic subsitutes and/or com
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