Suppose two players use strategies that produce these payoffs: 
a. What are the pure-strategy Nash equilibria if any?
b. What is the mixed-strategy Nash equilibrium?
Definitions:
Unit Variable Costs
The cost associated with producing one additional unit of a product or service.
Price Equation
A formula representing the determinants of the price of a good or service, including production costs, competition, demand, and supply.
Setting Prices
The process of determining the value that will be charged for a product or service in the market, taking into consideration factors like cost, competition, and demand.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a certain period, typically illustrating the inverse relationship between price and demand.
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