2. Double or nothing While spending the weekend in New York City, Bob, Cho, and their son, Eric, are lucky enough to hail the Cash Cab for their taxi ride. During 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 $300, and based on their understanding of the type of bonus question they'll be asked, they believe they have a 60% chance of getting the question right. As explained in the article, if they answer the video bonus 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 follow. UTILITY (Utils) 4 3 2 1 10 9 8 u(x) + 7 0 0 100 200 300 400 500 600 700 800 900 1000 VACATION BUDGET (Dollars) (? If the family chooses not to do the video bonus question, they will receive a utility of To determine whether they should attempt the video bonus question, you first have to 4.6 utils the payoffs the family will receive, depending on whether they get the video bonus question correct or incorrect. 5.5 utils 6.2 utils 6.7 utils Complete the following table with the total vacation budget they will have in each sit 7.0 utils the utilities corresponding to each outcome. Vacation Budget Utility 7.7 utils