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Consider the original divide the dollar game of question (3). How many strategies does player 1...

Consider the original divide the dollar game of question (3). How many strategies does player 1 have? How many strategies does player 2 have? Write down all the strategies of player 1, and two strategies of player 2. Explain briefly (in a line or two) why you wrote the strategies of player 2 in the way you wrote them.

Question 3-Consider the following game of divide the dollar. There is a dollar to be split between two players. Player 1 can make any offer to player 2 in increments of 25 cents; that is, player 1 can make offers of 0 cents, 25 cents, 50 cents, 75 cents, and $1. An offer is the amount of the original dollar that player 1 would like player 2 to have. After player 2 gets an offer, she has the option of either accepting or rejecting the offer. If she accepts, she gets the offered amount and player 1 keeps the remainder. If she rejects, neither player gets anything. Represent the game in extensive form using a game tree. Note that here you must assign payoffs appropriately at the terminal nodes.

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