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An individual purchases a dozen eggs and must take them home. Although making trips home is costless, there is a 50 percent chance that all of the eggs carried on any one trip will be broken during the trip. The individual considers two strategies: (1) take all 12 eggs in one trip; or (2) take two trips with 6 eggs in each trip.
a. List the possible outcomes of each strategy and the probabilities of these outcomes. Show that, on average, 6 eggs will remain unbroken after the trip home under either strategy.
b. Develop a graph to show the utility obtainable under each strategy. Which strategy will be preferable?
c. Could utility be improved further by taking more than two trips? How would this possibility be affected if additional trips were costly?
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