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QUESTION
Figure 2.1 (Figure 2.1) Suppose that Amanda has an income of $80,000, but if her business burns down, her income drops to $20,000. a. What is
Figure 2.1
(Figure 2.1) Suppose that Amanda has an income of $80,000, but if her business burns down, her income drops to $20,000.
a.
What is Amanda's expected income?
b.
What is the probability that Amanda's business will burn down?
c.
What is Amanda's expected utility?
