Question 2. Every three years a Staff negotiates an enterprise agreement with Management. Different strategies encompass different proposals for rates of pay and various conditions of employment (e.g., redundancy provisions, sick leave). The negotiations have all the characteristics of a zero-sum game. Table 1 shows the financial gains (in thousands of dollars) to staff from each strategy. Table 1: Payoffs to Staff a. Does this payoff table contain any dominated strategies? Identify them, if any, and obtain a reduced payoff table after eliminating them. (30 marks) b. Apply the maximin/minimax approach to determine if this game has the saddle point equilibrium. Show your analysis without using any software. (50 marks) c. What would be the optimal strategies for these players? Show your analysis without using any software. (Hint: Use EGL method.) (100 marks) Question 2. Every three years a Staff negotiates an enterprise agreement with Management. Different strategies encompass different proposals for rates of pay and various conditions of employment (e.g., redundancy provisions, sick leave). The negotiations have all the characteristics of a zero-sum game. Table 1 shows the financial gains (in thousands of dollars) to staff from each strategy. Table 1: Payoffs to Staff a. Does this payoff table contain any dominated strategies? Identify them, if any, and obtain a reduced payoff table after eliminating them. (30 marks) b. Apply the maximin/minimax approach to determine if this game has the saddle point equilibrium. Show your analysis without using any software. (50 marks) c. What would be the optimal strategies for these players? Show your analysis without using any software. (Hint: Use EGL method.) (100 marks)