Community Answer

【General guidance】The answer provided below has been developed in a clear step by step manner.Step1/4The given situation says that you and your friend both has a penny hidden in your hand and both of you show up simultaneously, if both the pennies matches you get both the pennies and if it shows different faces your friend gets both the penniless. This is a simultaneous move game with two players.a. There are two players in the game: Player 1 (You) and Player 2 (Friend).Both the players have two strategies each: either to show up heads or tails.Explanation:This part shows the two players and their strategies.Step2/4b. The payoff matrix for this game can be drawn as shown below;HeadsTailsHeads2 , 00 , 2 Tails0 , 2 2 , 0Player 1 (You) are the Row player represented by 2 and 3.Player 2 (friend) is the Column Player represented by B and C.Explanation:The first number in each cell is your ... See the full answer