Example You and a classmate are assigned a project on which you will receive one combined...

Example

You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the situation:

- If both of you work hard, you both get an A, which gives each of you 40 units of happiness

- If only one of you work hard, you both get a B, which gives each of you 30 units of happiness

- If neither of you work hard, you both get a D, which gives each of you 10 units of happiness

- Working hard costs 25 units of happiness

a. Draw the payoff matrix

b. What is the likely outcome?

c. Redo parts a and b with working hard costing 15 units of happiness

then 10 units of happiness

Expert Solution

Rahul Sunny answered 2 years ago

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