I think we need a bit more information here. What are the stack sizes, blinds etc. Also how big was the raise and what type of player made it?

Ok, a couple things:

1. This is problem 11, not problem 10.

2. If you're going to put these up here, you could quickly put in the stack sizes and PF action. Like this:

Major Tournament
Blinds: 200/400 Ante: 50
UTG 26,000
UTG+1 15,000
MP 15,000
MP+1 28,000
Hero (Phil Ivey) 75,000
Button 25,000
SB 25,000
BB (Tony G) 50,000

Dealt to Hero:

UTG folds, UTG+1 calls 400, 2 folds, Hero calls 400, button calls 400, SB calls 200, BB raises 2,300 to t2700, UTG+1 folds, Hero______?

Calling is a hugely +EV play here. Here's why:

With a hand like a small pair, you're really looking to flop a set against multiple opponents, or one opponent with a big hand like TPTK, high-PP, etc.

It's the implied odds that makes this play so worthwhile. Let's take a look:

Tony G, who reraises here, has just over 47,000 left when he makes this raise.

We have Tony G covered, so our implied odds are the smaller stack (ours our his, in this case his) divided by the amount we have to call (in this case 2,300):

47,000/2,300 = ~20:1

So our total odds = direct odds + implied odds
TO = 2:1 + 20:1 = 22:1

Since we'll hit our set 1:7.5, those are incredible odds!!! In fact, I usually will call a raise with any pair (if I can cap the action or feel confident I'm not going to see a reraise) if I'm getting as little as 10:1. 10:1 is the minimum in order to account for the times I hit and my opponent still wins (very small % of the time, but we should account for it) and the very rare times I see a reraise and have to throw the hand away.

If you're just learning how to play for set value, I'd start off trying to get at least 12:1.

I remember this hand...

Toby G Checed raised the flop when he hit his top pair with AK...

Phill knew that tony would put a lot of money in if he hit the flop with top pair or over pair.

Wich he did...

that makes the play profitable with 44 if you hit your set...

If I remember all the money went in on turn after Ivey only flat called the raise on the flop.

Implied odds dictated that call... not the 2:1 he had on his $$$ preflop...

KJ

The other thing to remember is that this is Phil Ivey. If he calls and has to fold away $3k chips its nothing of his stack size and even less of his skill set.

The implied odds are valid, but it is also M size that gives flexibility to this play. If he had 10-25M Phil would be less likely to make this call.

7-1 still means that this is a loser 7 0f 8 times. You don't want to be heads up with those odds an a middle size M. Thats just chip donking. A preflop AI is called for at that point.