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haleyc112

Hero Member
Posts: 600

on: Jun 29, 2018

What is expected utility?

What will be an ideal response?

Question 2

Jane spends her monthly dining-out budget of 300.00 on either steak or lobster dinners. Using the above figure, what is the price of a steak dinner?

A) 10.00
B) 15.00
C) 20.00
D) 30.00

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Marked as best answer by a Subject Expert

kkenney

Sr. Member
Posts: 352

Reply #1 on: Jun 29, 2018

Answer to Question 1

Expected utility is the average utility arising from all possible outcomes.

Answer to Question 2

B

haleyc112

Member
Posts: 600

Reply 2 on: Jun 29, 2018

Excellent

scikid

Member
Posts: 300

Reply 3 on: Yesterday

Great answer, keep it coming

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