Two firms, Firm 1 and Firm 2 are considering simultaneously developing a new product for a market.The costs of developing the product are $7m but there will only be revenue in the market of $50m if only one of the firms develops the product.If both firms do not develop the product then there will be a total of $70m available in revenue from the market and Firm 1 will receive 70% of the market share and Firm 2 will receive 30% of the market share.

a)Capture this entry game in a payoff matrix