This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Diminishing Marginal Utility and Expected UtilityThe graph shows the relationship between income and ... (Read 541 times)

redpassion

  • Full Member
  • ***
  • Posts: 151
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by redpassion on Nov 23, 2022

ad2018

  • Full Member
  • ***
  • Posts: 189
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.
Answer Preview
Only 45% of students answer this correctly


redpassion

  • Member
  • Posts: 151
Reply 2 on: Nov 23, 2022
Thanks for the timely response, appreciate it

zacnyjessica

  • Member
  • Posts: 345
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

The relationship between air temperature and two measures of water vapour saturation of air. The relationship between air temperature and two measures of water vapour saturation of air.
Photomicro graph showing the three layers of the skin. Photomicro graph showing the three layers of the skin.
Dose–response relationship. Dose–response relationship.
Graph the function by hand & label key points on graph: Graph the function by hand & label key points on graph:
Self-crossing F2 plants to produce an F3 generation shows that there are two different genotypes amo Self-crossing F2 plants to produce an F3 generation shows that there are two different genotypes amo
A karyotype shows this child has three copies of chromosome 21. A karyotype shows this child has three copies of chromosome 21.
Video: Atrial natriuretic peptide (vasodilation) & Aldosterone

For a complete list of videos, visit our video library