### Nash Equilibrium Table and Identification#### Payoff Matrix| | Player 2 ||------------|---------------------|| | **Left** | **Right**|| **Player 1** | | || **Up** | **P1: $3** **P2: $7** | **P1: $14** **P2: $5** || **Down** | **P1: $6** **P2: $2** | **P1: $1** **P2: $3** |#### InstructionsIn the game shown above, list all of the Nash Equilibrium positions. Please check ALL that apply:- [ ] (up, left)- [ ] (up, right)- [ ] (down, left)- [ ] (down, right)- [ ] None#### ExplanationThe payoff matrix above represents a strategic game between two players. Each player can choose a strategy: "Up" or "Down" for Player 1, and "Left" or "Right" for Player 2. The numbers in the cells represent the payoffs for Player 1 (P1) and Player 2 (P2) respectively, given the combination of strategies chosen. For example, if Player 1 chooses "Up" and Player 2 chooses "Left," Player 1 receives $3 and Player 2 receives $7.A Nash Equilibrium occurs when neither player can increase their payoff by unilaterally changing their strategy. Your task is to determine which strategy pairs, if any, are Nash Equilibria.

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In the game shown above, list all of the Nash Equilibrium (please check ALL that apply)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

### Nash Equilibrium Table and Identification

#### Payoff Matrix

| | Player 2 |
|------------|---------------------|
| | **Left** | **Right**|
| **Player 1** | | |
| **Up** | **P1: $3** <br> **P2: $7** | **P1: $14** <br> **P2: $5** |
| **Down** | **P1: $6** <br> **P2: $2** | **P1: $1** <br> **P2: $3** |

#### Instructions
In the game shown above, list all of the Nash Equilibrium positions. Please check ALL that apply:

- [ ] (up, left)
- [ ] (up, right)
- [ ] (down, left)
- [ ] (down, right)
- [ ] None

#### Explanation
The payoff matrix above represents a strategic game between two players. Each player can choose a strategy: "Up" or "Down" for Player 1, and "Left" or "Right" for Player 2. The numbers in the cells represent the payoffs for Player 1 (P1) and Player 2 (P2) respectively, given the combination of strategies chosen. For example, if Player 1 chooses "Up" and Player 2 chooses "Left," Player 1 receives $3 and Player 2 receives $7.

A Nash Equilibrium occurs when neither player can increase their payoff by unilaterally changing their strategy. Your task is to determine which strategy pairs, if any, are Nash Equilibria.

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