Question: Suppose that two companies - Alpha Tech and BetaLabs - are competing for market share and must simultaneously decide whether to develop a new product.

Suppose that two companies - Alpha Tech and BetaLabs - are competing for market share and must simultaneously decide whether to develop a new product. Both companies are reluctant to make a decision as it is only economical for one company to develop a new product. Each company earns nothing if they decide not to develop a new product. One company can earn $50 million by developing a new product only if their competitor does not. If both companies decide to develop a new product, they each lose $10 million. Complete the payoff matrix to represent this game. Based on your solution in part (a), determine the maximin solution.

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