QUESTION 3 (CLO3) (20 MARKS) (i) It's 2021 and thanks to COVID-19, people are buying soda again. You know what that means - the cola wars between Coke and Pepsi are back! (Refer to: https://www.greenbook.org/mr/brand-impact/coke-vs-pepsi-the-2021- cola-wars/) _(10 Marks) a) Describe the type of game that is involved between Coke and Pepsi. (2 Marks) b) Draw the payoff matrix with the appropriate payoffs. (3 Marks) c) Assume Coke as the Player 1 moves first, analyse the game tree and explain the result observed. (5 Marks) (ii) OPEC members announce production increases as Russia prepares for long game. (Refer to: https://www.westernstandardonline.com/2020/03/opec-members- announce-production-increases-as-russia-prepares-for-long-game/) (10 Marks) a) Describe the type of game that is involved between OPEC and Russia. (2 Marks) b) Draw the payoff matrix with the appropriate payoffs and explain briefly. (3 Marks) c) Assume OPEC as the Player 1 moves first, draw the game tree and explain the results observed based on the game tree. (5 Marks) -END ~