Suppose Marion and Gab Must Both Choose Between Two Jobs,a

question 90

Multiple Choice

Suppose Marion and Gab must both choose between two jobs,a safe job that pays $250/week and a risky job that pays $300/week.The value of safety to each is $75/week.Each also values having a higher income than the other at $75/week.Having the same job (income) as the other means no change in satisfaction.The following payoff matrix shows the income (satisfaction) each would get based on the other decision. $\begin{array}{c}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Marion }\\\text { Gab }\begin{array}{|l|l|l|}\hline& \text { Safe Job @\$250 } & \text { Risky Job @ \$300 } \\\hline \text { Safe Job @\$250 } & \begin{array}{l}\text { Gab: \$325 } \\\text { Marion: \$325 }\end{array} & \begin{array}{l}\text { Gab: \$325 } \\\text { Marion: \$375 }\end{array} \\\hline \text { Risky Job @ \$300 } & \begin{array}{l}\text { Gab: \$375 } \\\text { Marion: \$325 }\end{array} & \begin{array}{l}\text { Gab: \$300 } \\\text { Marion: \$300 }\end{array} \\\hline\end{array}\end{array}$
Suppose that Gab chooses the safe job,Marion is most likely to choose the ____ and obtain a total of ____ satisfaction.

• A) safe job;$325
• B) safe job;$250
• C) risky job;$375
• D) risky job;$300

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Definitions:

Sample Sizes

The number of observations or units chosen from a population for study, crucial for ensuring the statistical reliability of research findings.

Confidence Interval

A range of values estimated from a sample, within which a value for a population is estimated to fall.

Negative Skew

A distribution where the tail on the left side of the probability density function is longer or fatter than the right side, indicating that the bulk of the values lie to the right of the mean.

Tri-modal Profile

A statistical distribution in which three modes or peaks are present, indicating three dominant values or traits in the data set.