Write a strategic form also find optimal strategy of player

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Reference no: EM1372339

Q. There are two players 1 and 2. re are two cards: "High" and "Low". Player 1 chooses at random one card (Prob. 1/2 to each card). He looks at card but does not show it to Player 2. n Player 1 decides whether to pay player 2 $10 and to terminate game or to continue to play. If he continues n Player 2 decides whether to continue to play or to pay Player 1 $10 and to terminate game. If Player 2 also continues then card is shown to Player 2. If card is Low, Player 1 pays 2 $50. If it is High, Player 2 pays $40 to player 1.

(1) Describe game by a tree.

(2) Write it in a strategic form.

(3) Find optimal strategies of players.

Reference no: EM1372339

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