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Author Question: Blanca has her choice of either a certain income of 20,000 or a gamble with a 0.5 probability of ... (Read 71 times)

kwoodring

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on: Jul 1, 2018
Blanca has her choice of either a certain income of 20,000 or a gamble with a 0.5 probability of 10,000 and a 0.5 probability of 30,000. The expected value of the gamble:
 
  A) is less than 20,000.
  B) is 20,000.
  C) is greater than 20,000.
  D) cannot be determined with the information provided.

Question 2

Refer to Figure 9.1. If the market is in equilibrium, the consumer surplus earned by the buyer of the 1st unit is ________.
 
  A) 5.00
  B) 15.00
  C) 22.50
  D) 40.00


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ms_sulzle

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


kwoodring

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

Sarahjh

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Reply 3 on: Yesterday
:D TYSM

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