• (i)Merebut and Ichiban provide private-hire services. The strategic choices and payoffs for Merebut and Ichiban are as follows:

Payoffs: Merebut, Ichiban	Ichiban’s Strategy
Merebut’s Strategy	Cut Prices	Don’t Cut Prices
Cut Prices	-$200, -$200	$400, $500
Don’t Cut Prices	$300, $650	$500, $600

If Merebut and Ichiban choose simultaneously and with full knowledge of the payoff structure, what is the Nash Equilibrium/Equilibria, if any? Explain your answer.

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Question 3 was first posted on January 5, 2021 at 2:37 am.
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