Question: Hal and Nick are racing to develop a new brand of stain remover. They both believe that it will be more effective than all others.

Hal and Nick are racing to develop a new brand of stain remover. They both believe that it will be more effective than all others. Hal and Nick know that if they both develop the new product, they will make zero economic prot; if only one of them develops the new product, that rm will make an economic prot of $3.0 million a week and the other will incur an economic loss of $0.5 million a week; and if neither of them develops the new product, both will make an economic prot of$1 .0 million. Construct a payoff matrix for the game that Hal and Nick must play. >>> The numbers in the matrix are in millions of dollars. Do not enter a dollar sign. >>> It the rm incurs an economic loss, indicate the loss with a minus sign. If the rm makes an economic prot, do not include a plus sign. Nick (blue squares) Develop Do not develop Hal (red squares) Develop HI Do not develop E5 E5
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