# Person 1 will decide to lower farm tariffs or keep them; Person 2 will decide to...

###### Question:

Person 1 will decide to lower farm tariffs or keep them; Person 2 will decide to lower tariff om services or keep them. Assume that the following table represents the payoffs of the two countries (in billion of dollars)

1/2 Keep No Tariff

Keep 10,10 15,5

No Tariff 5,15 14,14

Find the Nash equilibrium for this game and is there a dominant strategy equilibrium?

Assume now Person 1 wants outcome (no tariff, no tariff) to outcome (keep, no tariff); what is the new payoff table where nothing changes for payoffs Person 2. Find the Nash equilibrium and is there a dominant strategy equilibrium?

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