11) As we don't know her utility function , we don"t know exactly Jane's certain equivalent for the deal like we do in the cases of Macy and Theodore . But what can we say about the range of her certain equivalent (choose one of the options below)? Explain why (Hint: you need to nd her expected uvalue for Deai A rst and then deduce the range for her CE from the above table). H. Between $10 and $30 ii. Between $30 and $50 iii. Between $50 and $100 iv. Over $100 Three of then] is now facing another deal (Deal B}. I!" I Dollar Value 0.3 / 520 510 0.5 Find the {range of} certain equivalent for Macy, Theodore , and Jane for the new deal. Among the two deals {A and B}, what is the best deal for Macy, Theodore and Jane, respectively? Suppose their parents decide to give them $23 with the condition that they have to give up any deal they chose above {let's call it Deal C}. Who among them should walk away with $23? Draw a decision tree which characterizes the decision situations Macy was facing [see Figure 10.151pg. 208 in the textbook for reference }. Instructions : 0 Boxes represent decision alternatives [i.e., Deal A, Deal B, and Deal C) c Ovalsfcircles represent each state of nature for each deal. 0 Record probabilities, payoffs, and uvalue for each branch of the tree. a Record uvalue and certain equivalents for each deal (note that CE for Deal C is $23)