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Ben and Sam are competing for the remaining spot on the national swim team.If one of these two swimmers hires a personal trainer,that swimmer will win the spot.If both swimmers hire a personal trainer,they have a 50% chance of winning the place on the team;if neither swimmer hires a personal trainer,they still have a 50% chance of winning the place.The table below shows the payoff matrix facing the swimmers.Whoever makes the team will earn $100,000 next year from product endorsements.
-Refer to the information above.If only Ben can afford to hire a personal trainer,then
Limited Partnerships
A form of partnership consisting of one or more general partners, who manage the business and are personally liable for its debts, and one or more limited partners, who contribute capital and share profits but take no part in running the business and incur no liability beyond their investment.
Good-faith Effort
An honest attempt or endeavor made in a sincere and honest effort, without intent to defraud or seek unfair advantage.
Defective Merchandise
Products that are flawed or malfunctioning and do not meet the warranted or expected standard of performance or safety.
Credit Card Applications
Formal requests submitted by individuals seeking to open a credit card account, requiring financial information to evaluate creditworthiness.
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