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?

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