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 works hard, you both get a B, which gives each of you 30 units of happiness.
*If neither of you works hard, you both get a D, which gives each of you 10 units of happiness.
*Working hard costs 25 units of happiness.
a. Fill in the payoffs in the following decision box:
Your Decision Classmate's Decision
Work/Work Your: Classmate:
Shirk/Work Your: Classmate:
Work/Shirk Your: Classmate:
Shirk/Shirk Your: Classmate:
b. What is the likely outcome?
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You and a classmate are assigned a project on which you will receive one combined grade. You each wa...
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