The owners of two rival bars (Our Local and The Nutbar) are deciding which weeknight it would be best to have live music. Both owners know that live music will be more popular on Thursday nights. However, they also know that if they both have live music on the same night then both bars will not do so well since they will be competing for the same customers. The likely weekly profits (in dollars) from each choice are described in the table below. Our Local and The Nutbar will make their decisions independently and at the same time (a simultaneous game). The Nutbar Wednesday Thursday Our Local Wednesday Our Local: 2500 The Nutbar: 2000 Our Local: 3200 The Nutbar: 4000 Thursday Our Local: 4000 The Nutbar: 3000 Our Local: 3000 The Nutbar: 2800 Fully explain whether either of the bar owners has a dominant strategy. Identify the Nash equilibriums (if any). Given that this simultaneous game is repeated every week, is it possible for the two bar owners to improve their profit from this game by co-operating? Explain carefully.