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Author Question: Diminishing Marginal Utility and Expected UtilityThe graph shows the relationship between income and ... (Read 552 times)

redpassion

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on: Nov 23, 2022
Diminishing Marginal Utility and Expected Utility

The graph shows the relationship between income and utility for Ahab.
 
Assume that U1=170, U2=187, U3=243, U4=255, I1=$29,000, I2=$35,000, I3=$59,000, and I4=$65,000.
Suppose Ahab is offered two different jobs. For the first job, he will earn $35,000 a year. For the second job, he has a 30% chance of earning $29,000 a year and a 70% chance of earning $59,000 a year. What is the expected value of the second job? What is the expected utility of the second job?
Please round your final answer to two decimal places.
◦ $38,000.00, 221.10
◦ $50,000.00, 191.90
◦ $38,000.00, 191.90
◦ $50,000.00, 221.10
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by redpassion on Nov 23, 2022

ad2018

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Reply #1 on: Nov 23, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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redpassion

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Reply 2 on: Nov 23, 2022
YES! Correct, THANKS for helping me on my review

mcarey591

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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