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Two neighboring homeowners, i = 1,2, simultaneously choose how many hours to spend maintaining a lawn

Economics

Two neighboring homeowners, i = 1,2, simultaneously choose how many hours to spend maintaining a lawn. The AVERAGE benefit per hour for i is 1 10-1, + 2 + 1 (e.g., it is 10-1, + 2 for homeowner 1) And the (opportunity) cost per hour for each homeowner is 4. (a) Give each homeowner's (net) payoff as a function of l, and 12. (b) Compute the Nash equilibrium.

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