Two cruise liner companies are simultaneously deciding what price to charge for their trip. The pay-off matrix is as below: Carnival $450 $300 $450 ($350, $275) ($50, $375) Royal Caribbean $350 ($320, $60) ($175, $185) The first number is the pay-off for Royal Caribbean and the second reflects the pay-off for Carnival. If the two were to cooperate, what would the best price be for each: O 450, 450 350, 450 O 450, 300 O 350, 300 Does Royal Caribbean have a dominant strategy here? O Yes ONO How about Carnival? Yes 85 F Partly sunny Q SearchO 350, 300 Does Royal Caribbean have a dominant strategy here? 0 Yes r o No ' How about Carnival? l OYes L O No " [Rememben a dominant strategy is one that a player would choose no matter what the other player does] In the equilibrium. what price would Royal Caribbean charge? 5 How about Carnival? 5 up as? ' Partly sunny