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Question 1 Distinguish between the following terms a. Simultaneous and sequential move games b. pure and mixed strategies c. Nash equilibrium and dominant strategy equilibrium

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Question 1 Distinguish between the following terms a. Simultaneous and sequential move games b. pure and mixed strategies c. Nash equilibrium and dominant strategy equilibrium d. Bertrand and Cournot duopoly c. Cournot and Stackelberg duopoly Question 2 For each of the following games: (a) Find the dominant strategies (if any) (b) Find the Nash equilibria (if any). 1 . Player 2 Left Right Up (0, 0) (2, 2) Player 1 Down (1, 1) (0, 0) 2. Player 2 Left Right Up Player 1 (1, 1) (2, 0) Down (0, 1) (1, 5)

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