Game TheorySuppose there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any price it sets, but Chevrolet too is interested in maximizing profit. Use the following price and profit data to answer the following questions:Ford’s Selling Price in $ Chevrolet’s Selling Price in $ Ford’s Profit in $ (millions) Chevrolet’s Profits in $ (millions)4000 4000 8 84000 8000 12 64000 12000 14 28000 4000 6 128000 8000 16 108000 12000 12 612000 4000 2 1412000 8000 6 1212000 12000 7 7The sellers (S1 – Ford and S2 – Chevrolet) each have three possibilities for price. P1 = $4000, P2 = $8000, and P3 = $12,000S2 CHEVROLETP1 $4000 P2 $8000 P3 $12000S1 FORDP1 $4000 8, 8 12,6 14,2P2 $8000 6,12 10,10 12,6P3 $12000 2,14 6,12 7,7a) What price will Ford charge?b) What price will Chevrolet charge once Ford has set its price?c) What is Ford’s profit after Chevrolet’s response?Ford’s profit would be $8 milliond) If the two firms cooperate to maximize joint profits, what prices would they set?e) Given your answer to part (d), how could undetected cheating on price cause the cheating firm’s profit to rise?