Preferences and goals (LO1). You wish to work this summer to save money for college. Your goal is to maximize the amount of money you earn working. After spending a week looking for the right job, you...

Preferences and goals (LO1). You wish to work this summer to save money for college. Your goal is to maximize the amount of money you earn working. After spending a week looking for the right job, you have narrowed your prospects to two choices. Your first option is to wait tables at a local restaurant. The manager at the restaurant has guaranteed you 40 hours per week for 12 weeks. Your pay will be $4 per hour plus tips. Naturally, the amount of tips you earn depends on how busy the restaurant is and on your people skills. Not having waited tables in the past, you believe that you have a 50% chance of earning $3 per hour in tips and a 50% chance of earning $6 per hour in tips.