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1. 3.6 Fishing versus Boat-Building. Half the members of a fishing tribe catch two fish per day...

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1. 3.6 Fishing versus Boat-Building. Half the members of a fishing tribe catch two fish per day and half catch eight fish per day. A group of 10 members could build a boat for another tribe in one day and receive a payment of 40 fish for the boat.

a. Suppose the boat builders are drawn at random from the tribe. From the tribe’s perspective, what is the expected cost of building the boat?

b. How could the tribe decrease the cost of building the boat, thus making it worthwhile?

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