The difference between the utility of expected income and expected utility from income is
A) zero because income generates utility.
B) positive because if utility from income is uncertain, it is worth less.
C) negative because if income is uncertain, it is worth less.
D) that expected utility from income is calculated by summing the utilities of possible incomes, weighted by their probability of occurring, and the utility of expected income is calculated by summing the possible incomes, weighted by their probability of occurring, and finding the utility of that figure.
E) that the utility of expected income is calculated by summing the utilities of possible incomes, weighted by their probability of occurring, and the expected utility of income is calculated by summing the possible incomes, weighted by their probability of occurring, and finding the utility of that figure.
Question 2
Producer surplus for the whole market can be thought of as
A) total profit.
B) variable operating profit plus factor rents.
C) total profit minus factor rents earned by lower cost firms.
D) total profit plus factor rents earned by lower cost firms.
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E9-23 Prepare income statements Explain the difference in operating income