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Hello, I need help for the following microeconomics question. Thank you very much!
Question 5Will and Davy are playing the following game of " Liar’s poker " with the followingA deck of cards consisting of 4 kings and faces is shuffled and put in front ofWill . Will looks at the top card and makes a potentially untruthful announcementof " King " or " Ace " If he announces " King , the game ends with no exchange ofmoney . If he announces " Ace " Davy gets to take an action. Davy has the option of " Folding " or " Calling " If he Folds , Davy pays Will 80.50 .If he Calls and Will is holding the Ace , Davy pays Will $1 . If he Calls and Will isholding the King , Will pays Davy &a ) Draw the extensive form and normal form of this game . ( 10 marks )b ) Find all the pure strategy NE . ( 2 marks )Given that Will has a King how often should he bluff ? ( 5 marks ) ( Hint : Constconsiderized strategy equilibrium )Given that Will announces an Ace , how often should Davy call him ? ( 8 marks )