I’m working on a game theory question and need an explanation and answer to help me learn.


One question is asking to find Nash equilibrium, and the rest are asking to find strictly and weakly dominated strategies.Question 1 (max word limit 350 words)
Two business partners have the opportunity to undertake a new project which will lead to a profit of £1000.
First, though, they have to agree on how to split the profit. Consider the following (one-shot) bargaining game:
the two business partners can make simultaneous demands. If the sum of their demands is no larger than
£1000, then they can proceed with the project, obtain their demands and the rest is given to charity. If the sum
of their demands is instead more than £1000, then the project cannot be undertaken, and they both get nothing.
• What are the Nash equilibria of this game?
• What are the strictly dominated strategies?
• What are the weakly dominated strategies?

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