7. The players simultane… Show more Player I holds a black Ace and a red 8. Player II holds a red 2 and a black 7. The players simultaneously choose a card to play. If the chosen cards are of the same color, Player I wins. Player II wins if the cards are of dierent colors. The amount won is a number of dollars equal to the number on the winner’s card (Ace counts as 1.) Thus, if Player I plays black Ace while Player II plays red 2, Player I gets a payo of -2 (loses two dollars), and Player II gets a payo of 2 (wins two dollars); and likewise for the other strategy proles. Set up the payo matrix, nd the Nash equilibrium, and calculate each player’s expected payo in the equilibrium. • Show less