Learning Goal: I’m working on a economics 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 whether or not the ensuing trade war will produce successful outcomes. then reply 2-3 sentences to a classmate.( classmates post is #2)#2. Game theory is when a decision from one party directly affects another party’s outcome. Of course, game theory can in fact be incorporated with both international trade and tariffs. For example, the decision that one country makes with international trade will most definitely affect another country in some way. An example of this would be setting tariffs in one country towards another. Please number your answers as it is given in questions
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