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Suppose Sofia and Macro are the only two people who fish in Cayuga Lake. Each must choose between fishing for 20 hours per week or

Suppose Sofia and Macro are the only two people who fish in Cayuga Lake. Each must choose between fishing for 20 hours per week or for 40 hours per week. If both choose to fish for 20 hours per week, then each can earn a profit of $3,000 per week. If both choose to fish for 40 hours per week, then each can earn a profit of $2,000 per week. If Macro fishes for 40 hours per week, and Sofia fishes for 20 hours per week, then Macro can earn a profit of $4,000 per week, and Sofia can earn a profit of $1,000 per week. If Sofia fishes for 40 hours per week, and Macro fishes for 20 hours per week, then Sofia can earn a profit of $4,000 per week, and Macro can earn a profit of $1,000 per week.

Construct the weekly payoff matrix for this situation

Does either player have a dominant strategy? Does the game have any Nash equilibria? Are the dominant strategies better than the dominated ones?

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