Problem
1. What are the three common elements of an economic game?
2. What differentiates game theory from singleagent problems?
3. How does the existence of multiple Nash equilibria complicate the solution to an economic game?
4. How can a payoff matrix be used to find a player's optimal strategy?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.