Reginald Enjoys Hunting Whitetail Deer

question 81

Essay

Reginald enjoys hunting whitetail deer. He has a dilemma of deciding each morning where to locate his hunting stand. Reginald would like to choose the location that gives him the deer with the highest Pope and Young score in the smallest amount of time. Reginald will also kill the first deer he sees that offers any Pope and Young score. His utility is a function of the Pope and Young score (b), time in minutes spent hunting (t) and wealth in dollars (w) and is given by
U(b, t, w) =
-
+ w. If Reginald chooses stand A, he will kill a deer with Pope and Young score of 120 in 300 minutes. If Reginald chooses stand B, he will kill a deer with a Pope and Young score of 190 in 480 minutes. In dollars, how much would Reginald be willing to give up to learn of the outcomes from each stand?

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Definitions:

Bonus

Additional compensation given to employees as a reward for their performance, typically cash or stock options.

Withdraws

Funds taken out from a business by the owner(s) for personal use, also known as drawings.

Partnership Dissolves

The process of ending a partnership agreement, which involves the redistribution or liquidation of assets among the partners and settling the partnership's obligations.

Old Partners' Capital Accounts

Accounts used to record the amount of equity owned by each partner in a partnership, prior to any changes or reallocation of partnership interests.