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Q.4 Answer the following questions about pricing and joint production: [6+5+4=15] (a) Use Game theory matrix approach to solve the following question: Only two large dry cleaners exist in a big city: A and B. They must choose their pricing strategy. Their payoff matrix is given below: Dry Cleaner B Keep price Lower price 50K 200K Keep price 150K 50K Dry Cleaner A 150K 50K Lower price 200K 50K Questions: (i) Do A & B have a dominant strategy? (ii) What will each one of them decide to do in a one shot game? (iii) Is the selection in part (ii) showing Nash equilibrium? Give reason. (b) In a joint production problem with fixed proportions with two products - X and Y: Can a firm be producing and selling one of these products with MR