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Consider the job-market signaling game represented in the extensive form below. 5. Consider the job-market signaling game represented in the extensive form below. 11.10 m

Consider the job-market signaling game represented in the extensive form below.

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5. Consider the job-market signaling game represented in the extensive form below. 11.10 m 9.10 4.4 C 2.4 11. - m 3.-1 c -4.4 4.4 This is similar to the examples we considered in class. The worker is high ability with probability 1/2 and is low ability with probability 1/2. The high ability worker bears a cost of 4 to obtain an education, and the low ability worker bears a cost of 7. (a) Describe a signaling equilibrium in which the high-ability worker ob- tains an education and the low-ability worker does not. (b) Describe a pooling equilibrium in which both types of worker do not obtain an education

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