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Does either country have a dominant strategy

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If OPEC consisted of only Saudi Arabia and Nigeria and if they both stuck to an agreement to fix oil prices, then Saudi Arabia would make $100 profit and Nigeria would make $60 profit. If both cheated on the agreement, Saudi Arabia would make $70 and Nigeria would make only $30. If Saudi Arabia cheated and Nigeria did not, then Nigeria would make $25 and Saudi Arabia would make $80. Likewise, if Nigeria cheated and Saudi Arabia did not, then Nigeria would make $75 and Saudi Arabia would make $50.

Does either country have a dominant strategy?

Does a Nash equilibrium exist in this case? Explain.

Reference no: EM132511545

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