Question: 2. Connie's utility depends upon her income according to the table below. Use this information to…

30 Apr Question: 2. Connie’s utility depends upon her income according to the table below. Use this information to…

Posted at 19:35h in 2Past Paper by Exams

2. Connie’s utility depends upon her income according to the table below. Use this information to answer the following questions. 100 200 300 348 400 500 600 700 Utility 10 16 21 23 25 28 30 31 (a) She has received a prize which depends on a fair coin toss. With a probability of 0.5 she will receive 200 and with probability 0.5 she will receive 600. What is the expected value of the prize? What is the expected utility of the prize? prize of 300 or decide to toss the coin (ie accept prize in a). Explain your answer of the coin (in favour of the certain prize)? Explain. (b) Connie is offered an alternate certain prize, she receives €300 with certainty. will she accept the certain (c) What is the minimum value of the certain prize that Connie would need so that she would forego the toss

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Question: 2. Connie’s utility depends upon her income according to the table below. Use this information to…