(Figure: Strategic Decisions in a Sequential Game) In the figure, the dominant strategy for both Chelsea and Rose is _____, and both would be better off if they select _____ units to produce.
Definitions:
Machinery
Equipment consisting of one or more machines that perform specific tasks, usually within an industrial or manufacturing process.
Depreciation
The process of allocating the cost of tangible assets over their useful lives, reflecting the decrease in value over time.
User Cost
Refers to the cost associated with the consumption of a good which decreases its remaining value for future use.
Opportunity Cost
The expense incurred by not choosing the second-best option available during decision-making.
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