Explain what a multistage game is.

PurposeThis assignment is designed to provide you with the opportunity to communicate about technical and abstract material in a clear and straightforward manner. You will spend some time each week writing up a response to a question/prompt, and then posting that on a discussion board that your peers will review. By doing this each week, you’ll get practice writing about technical matters. DirectionsHere is the prompt. In 500 words, write an answer to the following question:Discussion PromptConsider the following multistage game (as usual, Player 1’s options are on the left sides, and Player 2’s options are along the top):t1JKLA5, 31, 11, 5B1, 13, 11, 1t2MNPC5, 31, 11, 5D1, 13, 11, 1If the players play (B, K) in period 1 (t1) and (C, N) in period 2 (t2), what is the final multistage game payoff for Player 2?In your answer, be sure to complete the following tasks:Explain what a multistage game is.Explain what periods are, and say whether periods are modeled as simultaneous or sequential games.Explain how choices in later periods can be affected by earlier choices. Give two examples from the above multistage game.Explain how payoffs for multistage games are calculated.Explain how to update the scores in a later period matrix, so that they reflect the accumulated payoffs from previous periods.