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My Home News Analysis: Go for the Video Bonus X Courses Back to Assignment Catalog and Study Tools Attempts: Keep the Highest: / 5 A-Z Partner Offers 2. Double or nothing Rental Options While spending the weekend in New York City, Paolo, Sharon, and their son, Van, are lucky enough to hail the Cash Cab for their taxi ride. During College Success Tips their ride, they win $100 for correct answers and receive only one strike for a wrong answer, so at the end of the ride they are eligible for the video bonus question. Their vacation budget before entering the cab was $400, and based on their understanding of the type of bonus question Career Success Tips they'll be asked, they believe they have a 70% chance of getting the question right. As explained in the article, if they answer the video bonus ECOMMENDED FOR YOU question correctly, they will double their winnings, but if they miss the video bonus question, they will lose all of what they had previously won. Alternatively, they can choose not to play for the bonus and walk away with their winnings from the cab ride. The following graph shows the cab riders' utility as a function of their total vacation budget. For simplicity, assume that all three passengers have the same preferences, and they only care about their joint budget since they are a family. Refer to the graph to answer the questions that bongo follow. ucceeding in School at Any ge (? ) ? Help A+ Give Feedback 10 Co u(x) O UTILITY (Utils) w N O Type here to search O w 4 ?~ ) ENG 1:51 AM 10/24/2020My Home News Analysis: Go for the Video Bonus X Courses 100 200 300 400 500 800 700 800 900 1000 Catalog and Study Tools VACATION BUDGET (Dollars) A-Z Partner Offers Rental Options College Success Tips If the family chooses not to do the video bonus question, they will receive a utility of 6.2 utils _ . Career Success Tips To determine whether they should attempt the video bonus question, you first have to examine the payoffs the family will receive, depending on ECOMMENDED FOR YOU whether they get the video bonus question correct or incorrect. bongo Complete the following table with the total vacation budget they will have in each situation and the utilities corresponding to each outcome. ucceeding in School at Any Vacation Budget Utility ge (Dollars) (Utils) Answer correctly ? Help Answer incorrectly A+ Give Feedback Because the passengers believe they have a 70% chance of getting the question correct, their expected utility from taking the gamble is utils. (Note: Enter all decimal places, and do not round your answer.) Because the expected utility from taking the gamble is than the utility they receive if they do not do the video bonus question, Paolo, Sharon, and Van do the video bonus question. Suppose that the odds that passengers get the video bonus question right increase with the number of people they have in the cab and decrease with the number of strikes they received during their trip. If only Paolo and Sharon had been in the cab, and they had received two strikes during the trip, they would have estimated their chance of getting the video bonus question right to be only 30%. Complete the first row of the following table with the guaranteed utility the passengers will receive if they walk away with their original winnings, the new expected utility from taking the gamble, and the answer to whether they should do the video bonus question in this case. Type here to search O Fi 9 ? ~ 1 1 ENG 1:52 AM 10/24/2020My Home News Analysis: Go for the Video Bonus X Vacation Budget Utility Courses (Dollars) (Utils) Catalog and Study Tools Answer correctly Answer incorrectly A-Z Partner Offers Because the passengers believe they have a 70% chance of getting the question correct, their expected utility from taking the gamble Rental Options is utils. (Note: Enter all decimal places, and do not round your answer.) College Success Tips Because the expected utility from taking the gamble is _ than the utility they receive if they do not do the video bonus question, Paolo, Sharon, and Van do the video bonus question. Career Success Tips RECOMMENDED FOR YOU Suppose that the odds that passengers get the video bonus question right increase with the number of people they have in the cab and decrease with the number of strikes they received during their trip. If only Paolo and Sharon had been in the cab, and they had received two strikes during the trip, they would have estimated their chance of getting the video bonus question right to be only 30%. Succeeding in School at Any Age Complete the first row of the following table with the guaranteed utility the passengers will receive if they walk away with their original winnings, the new expected utility from taking the gamble, and the answer to whether they should do the video bonus question in this case. ? Help Guaranteed Utility Expected Utility Do the Video Bonus? Scenario (Utils) (Utils) (Yes or No) Give Feedback 30% chance of answering correctly $300 in winnings during the cab ride $300 initial vacation budget Now suppose that the chance that Paolo, Sharon, and Van get the video bonus question right is again 70%, but that instead of winning $100 during their ride, the family won $300. Taking this new information into account, complete the second row of the previous table. Again, suppose that the chance the passengers get the video bonus question right is 70%, and the total winnings from the cab ride returns to $100. However, suppose the initial vacation budget Paolo, Sharon, and Van started with was only $300 instead of $400. Based on this information, complete the final row of the previous table. Grade It Now Save & Continue Continue without saving Type here to search O W ? ~ ( () ENG 1:52 AM 10/24/2020My Home News Analysis: Go for the Video Bonus X Courses If the family chooses not to do the video bonus question, they will receive a utility of 6.2 utils To determine whether they should attempt the video bonus question, you first have 5.1 utils Catalog and Study Tools the payoffs the family will receive, depending on whether they get the video bonus question correct or incorrect. 5.6 utils A-Z Partner Offers 5.9 utils Rental Options 6.2 utils College Success Tips Complete the following table with the total vacation budget they will have in each situation 6.4 utils tilities corresponding to each outcome. Vacation Budget Utility 6.7 utils Career Success Tips (Dollars) (Utils) RECOMMENDED FOR YOU Answer correctly Answer incorrectly Because the passengers believe they have a 70% chance of getting the question correct, their expected utility from taking the gamble is utils. (Note: Enter all decimal places, and do not round your answer.) Succeeding in School at Any Age Because the expected utility from taking the gamble is than the utility they receive if they do not do the video bonus question, Paolo, Sharon, and Van do the video bonus question. ? Help Suppose that the odds that passengers get the video bonus question right increase with the number of people they have in the cab and decrease with the number of strikes they received during their trip. If only Paolo and Sharon had been in the cab, and they had received two Give Feedback strikes during the trip, they would have estimated their chance of getting the video bonus question right to be only 30%. Complete the first row of the following table with the guaranteed utility the passengers will receive if they walk away with their original winnings, the new expected utility from taking the gamble, and the answer to whether they should do the video bonus question in this case. Guaranteed Utility Expected Utility Do the Video Bonus? Scenario (Utils) (Utils) (Yes or No) 30% chance of answering correctly $300 in winnings during the cab ride $300 initial vacation budget Now suppose that the chance that Paolo, Sharon, and Van get the video bonus question right is again 70%, but that instead of winning $100 Type here to search O 9 w ? ~ ( ) ENG 1:52 AM 10/24/2020My Home News Analysis: Go for the Video Bonus X Courses If the family chooses not to do the video bonus question, they will receive a utility of 6.2 utils _ . Catalog and Study Tools To determine whether they should attempt the video bonus question, you first have to examine the payoffs the family will receive, depending on whether they get the video bonus question correct or incorrect. Partner Offers Rental Options College Success Tips Complete the following table with the total vacation budget they will have in each situation and the utilities corresponding to each outcome. Vacation Budget Utility Career Success Tips (Dollars) (Utils) RECOMMENDED FOR YOU Answer correctly Answer incorrectly Because the passengers believe they have a 70% chance of getting the question correct, their expected utility from taking the gamble is utils. (Note: Enter all decimal places, and do not round your answer.) Succeeding in School at Any Age Because the expected utility from taking the gamble is than the utility they receive if they do not do the video bonus question, Paolo, Sharon, and Van do the video b tion. greater ? Help Suppose that the odds that passengers get the video less stion right increase with the number of people they have in the cab and decrease with the number of strikes they received during then trip. If only Paolo and Sharon had been in the cab, and they had received two Give Feedback strikes during the trip, they would have estimated their chance of getting the video bonus question right to be only 30%. Complete the first row of the following table with the guaranteed utility the passengers will receive if they walk away with their original winnings, the new expected utility from taking the gamble, and the answer to whether they should do the video bonus question in this case. Guaranteed Utility Expected Utility y Do the Video Bonus? Scenario (Utils) (Utils) (Yes or No) 30% chance of answering correctly $300 in winnings during the cab ride $300 initial vacation budget Now suppose that the chance that Paolo, Sharon, and Van get the video bonus question right is again 70%, but that instead of winning $100 Type here to search O 9 W ? ~ ( 1) ENG 1:52 AM 10/24/2020My Home News Analysis: Go for the Video Bonus X Courses If the family chooses not to do the video bonus question, they will receive a utility of 6.2 utils . Catalog and Study Tools To determine whether they should attempt the video bonus question, you first have to examine the payoffs the family will receive, depending on whether they get the video bonus question correct or incorrect. A-Z Partner Offers Rental Options College Success Tips Complete the following table with the total vacation budget they will have in each situation and the utilities corresponding to each outcome. Vacation Budget Utility Career Success Tips (Dollars) (Utils) RECOMMENDED FOR YOU Answer correctly Answer incorrectly Because the passengers believe they have a 70% chance of getting the question correct, their expected utility from taking the gamble S utils. (Note: Enter all decimal places, and do not round your answer.) Succeeding in School at Any Age Because the expected utility from taking the gamble is than the utility they receive if they do not do the video bonus question, Paolo, Sharon, and Van do the video bonus question. ? Help Suppose that the odds should not ers get the video bonus question right increase with the number of people they have in the cab and decrease with the numb should they received during their trip. If only Paolo and Sharon had been in the cab, and they had received two A+ Give Feedback strikes during the trip, they would have estimated their chance of getting the video bonus question right to be only 30%. Complete the first row of the following table with the guaranteed utility the passengers will receive if they walk away with their original winnings, the new expected utility from taking the gamble, and the answer to whether they should do the video bonus question in this case. Guaranteed Utility Expected Utility Do the Video Bonus? Scenario (Utils) (Utils) (Yes or No) 30% chance of answering correctly $300 in winnings during the cab ride $300 initial vacation budget Now suppose that the chance that Paolo, Sharon, and Van get the video bonus question right is again 70%, but that instead of winning $100 Type here to search O 9 w ? ~ (7 () ENG 1:52 AM 10/24/2020