Games to Pass the Time Set up the payoff matrix. You and your friend have come up with the following simple game to pass the time: at each round, you simultaneously call "heads" (H) or "tails" (T). If you have both called the same thing, your friend wins 1 point; if your calls differ, you win 1 point. Bored with the game described above, you decide to use the following variation instead: If you both call "heads," your friend wins 5 points; if you both call "tails," your friend wins 2 points; if your calls differ, then you win 5 points if you called "heads" and 2 points if you called "tails." Friend Н. T You H T Need Help? Read It Master It 1-/1 Points] DETAILS WANEFM7 4.4.031. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Betting Set up the payoff matrix. When you bet on a racehorse with odds of m-n, you stand to win m dollars for every bet of n dollars if your horse wins; for instance, if the horse you bet is running at 5-2 and wins, you will win $5 for every $2 you bet. (Thus, a $2 bet will return $7.) Here are some actual odds from a 1992 race at Belmont Park, New York. The favorite at 5-2 was Pleasant Tap (P), the second choice was Thunder Rumble (T) at 7-2, while the third choice was Strike the Gold (S) at 4-1. Assume that you are making a $4 bet on one of these horses. The payoffs are your winnings. (If your horse does not win, you lose your entire bet. Of course, it is possible for none of your horses to win (N).) Winner р s N Р You Bet T S