Ch.16 Oligopoly and Game Theory ~ Problems and Applications: 5 and 7 (Textbook) 5. Suppose that 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 also want to do as little work as you possible. The decision box and payoffs are as follows:" Your Decision Work Shirk You get A grade, You get B grade, Work no fune fun Classmate gets Classmate gets Be Classmate's A grade, no fun grade, no fun Decision You get B grade, You get D grade, fun fun Work Classmate gets Classmate gets B grade, fun D grade, fun- Assume that having fun is your normal state, but having no fun is as unpleasant as receiving a grade that is two letters lower. a. Write out the decision box that combines the letter grade and the amount of fun you have into a single payoff for each outcome. Answer:" b. If neither you nor your classmate knows now much work the other person is doing, what is the likely outcome? Does it matter whether you are likely to work with this person again? Explain your answer.