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(Solved) 2. (Strategic games in normal form) Formulate a strategic game that models a situation in which a consortium has two members, firm 1 and firm 2,...


2. (Strategic games in normal form) Formulate a strategic game that models a situation in which a consortium has two members, firm 1 and firm 2, which develop a new product. The rules of the consor1ium are that any independent invention by one firm is shared fully with the other. Suppose that is a new product that either of the two firms could potentially develop. Each of them can develop it or not. The cost to develop this new product is less than the revenue and more than half of the revenue. If only one of the firms develops it, it has to undertake the cost by himself. If two firms develop it jointly, they can share the cost. Once the new product has been developed, both firms share the revenue. If neither of them develops the product, there is no revenue or cost for the firms. The payoff of each firm is its revenue minus its cost. Please formulate this situation as a game in normal form (You can assign specific values for the payoffs)
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