how many Nash equilibrium/equilibria are there in this game? please refer to figure provided On this webpage, we will be exploring a payoff matrix representing a strategic interaction between two different networks, labeled as Network 1 and Network 2.The table is structured as follows:- Network 1 has two possible actions: "First" and "Second".- Network 2 also has two possible actions: "First" and "Second".Each cell in the table represents the payoffs (rewards or outcomes) for Network 1 and Network 2 based on the combination of actions they choose.### Payoff Matrix:| | **Network 2: First** | **Network 2: Second** ||--------------|:---------------------:|:----------------------:|| **Network 1: First** | 18, 18 | 23, 20 || **Network 1: Second** | 4, 23 | 16, 16 |### Explanation:- The first row and first column of the table indicate the actions of Network 1 and Network 2, respectively.- The cells within the table contain pairs of numbers. The first number in the pair represents the payoff to Network 1, and the second number represents the payoff to Network 2.**For example:**- If Network 1 chooses "First" and Network 2 chooses "First," the resulting payoffs are 18 to Network 1 and 18 to Network 2.- If Network 1 chooses "First" and Network 2 chooses "Second," the resulting payoffs are 23 to Network 1 and 20 to Network 2.- If Network 1 chooses "Second" and Network 2 chooses "First," the resulting payoffs are 4 to Network 1 and 23 to Network 2.- If Network 1 chooses "Second" and Network 2 chooses "Second," the resulting payoffs are 16 to Network 1 and 16 to Network 2.This table is useful in the study of game theory, as it helps to analyze strategic interactions where the outcome for each participant depends on the actions of all involved parties.

The nash equilibrium is a part of the strategy which is involved when two players are playing the…

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how many Nash equilibrium/equilibria are there in this game? please refer to figure provided

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

how many Nash equilibrium/equilibria are there in this game?

please refer to figure provided

On this webpage, we will be exploring a payoff matrix representing a strategic interaction between two different networks, labeled as Network 1 and Network 2.

The table is structured as follows:
- Network 1 has two possible actions: "First" and "Second".
- Network 2 also has two possible actions: "First" and "Second".

Each cell in the table represents the payoffs (rewards or outcomes) for Network 1 and Network 2 based on the combination of actions they choose.

### Payoff Matrix:

| | **Network 2: First** | **Network 2: Second** |
|--------------|:---------------------:|:----------------------:|
| **Network 1: First** | 18, 18 | 23, 20 |
| **Network 1: Second** | 4, 23 | 16, 16 |

### Explanation:
- The first row and first column of the table indicate the actions of Network 1 and Network 2, respectively.
- The cells within the table contain pairs of numbers. The first number in the pair represents the payoff to Network 1, and the second number represents the payoff to Network 2.

**For example:**
- If Network 1 chooses "First" and Network 2 chooses "First," the resulting payoffs are 18 to Network 1 and 18 to Network 2.
- If Network 1 chooses "First" and Network 2 chooses "Second," the resulting payoffs are 23 to Network 1 and 20 to Network 2.
- If Network 1 chooses "Second" and Network 2 chooses "First," the resulting payoffs are 4 to Network 1 and 23 to Network 2.
- If Network 1 chooses "Second" and Network 2 chooses "Second," the resulting payoffs are 16 to Network 1 and 16 to Network 2.

This table is useful in the study of game theory, as it helps to analyze strategic interactions where the outcome for each participant depends on the actions of all involved parties.

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