Table 17-33
Suppose that Robert and Howard own the only two movie studios in California. Each producer must choose between a low budget and a high budget strategy for his next film. The economic profit from each strategy is indicated in the table below:
Howard
Low budget High budget 
-Refer to Table 17-33. Is there a Nash equilibrium? If so, describe it.
Definitions:
Creative Problem Solving
An approach to finding innovative solutions to problems, characterized by the use of imagination and lateral thinking.
Initial Option
The first choice or course of action that is considered before any alternatives are explored.
Critically Analyze
The process of rigorously examining or evaluating something in detail, often to form a judgment or understanding.
Brainstorming
A method for generating creative ideas and solutions through spontaneous and freewheeling group discussion.
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