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Author Question: What is expected utility? What will be an ideal response?[br][br][b][color=#566D7E]Question ... (Read 56 times)

haleyc112

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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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kkenney

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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

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

ttt030911

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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