Consider the following 3-card poker game between two players. There are 3 cards in the deck: High (H), Low (L) and Middle (M). (with the ranking L < M < H) Each player pays an ante of 1. The deck is shuffled and each player is dealt a card. The players each observe their own card. Player 1 chooses to Fold or to Bid. If folding, the payoffs are (-1,1). If Player 1 bids, then player 2 may respond by folding or bidding. If Player 2 folds, the payoffs are (1,-1). If Player 2 bids, the players show their cards. The payoff to the player with the highest card is 2, the other player's payoff is -2. Assume that if player 2 has the chance to bid, she will always bid when she has H, and always fold when she has L, and that player 1 knows this (because these choices are best responses for player 2) Suppose that Player 1 is dealt M. Given the above information about player 2, determine player 1's expected payoffs from bidding and folding. a) E(bid) = 0, E(fold) = 0
b) E(bid) = -1, E(fold) = 0
c) E(bid) = 0.5, E(fold) = -0.5
d) E(bid) = -0.5, E(fold) = -1
e) E(bid) = 0, E(fold) = -

Ido not understand this project overview agricultural commodities are bought and sold through the stock exchange. the price of commodities changes all the time. investors buy many agricultural commodities before they are ready for shipping. when an investor buys an agricultural commodity that is going to be ready in the future, they call this purchasing futures. this might be a future crop, meat that has not yet been processed, or another type of agricultural commodity. for this project, you will have to decide how to spend $10,000. research the new york stock exchange. find one or more agricultural commodities that you are interested in. remember, it may be listed as a future crop. instructions identify the agricultural commodities that you think have the best chance of going up in price. think about what is going on with supply and demand. decide how you will spend your money. you may purchase only agricultural commodities. check the market every day for a week. record the price of your commodity or commodities each day. you may buy or sell your commodities at any time during the week. you may sell your commodities and buy different ones. feel free to experiment with the $10,000 by buying and selling commodities, but make sure to keep a careful record of your activities. at the end of the week, you will write a report on your investments. this report should be structured to include this information: page 1: explain how the stock market works. page 2: list all commodities purchased. describe each in detail. discuss why you selected these commodities. remember, they must be agricultural. page 3: create a chart or graph to illustrate the price of your commodity or commodities over the week’s time. list all of your activity buying and selling. make sure you include prices and details. page 4: write a summary of your experience. describe what you might do differently if you were using actual money. propose potential reasons why the price of each commodity may go up or down.