Learning Goal: I’m working on a economics multi-part question and need an explanation and answer to help me learn.1.Incorporate the concepts of game theory with international trade and tariffs. Set up two payoff matrices. Set up the first payoff matrix such that the outcome will be harmful to both countries. Set up the second payoff matrix such that the outcome will be beneficial to the United States. Evaluate the two matrices using current actions by each country to see which matrix is most likely correct. Discuss with your classmates whether or not the ensuing trade war will produce successful outcomes.Answer in about a paragraph2. Game Theory decision-making where one party’s actions affect another party’s outcome includes a payoff matrix outcome harmful to both countries including the the United States imposing a tariff on goods imported from China, creating a ‘Prisoner’s Dilemma”.Answer to post within 2-3 sentences.
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