-Andrew's Utility of Wealth Schedule Is Depicted in the Above

question 90

Multiple Choice

-Andrew's utility of wealth schedule is depicted in the above table. Andrew is offered a job as a cook which pays $10,000. He is also offered a job as a server which will pay $5,000 if tips are poor and $15,000 if tips are good. There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. Andrew will accept the offer that

• A) maximizes his expected income.
• B) maximizes his expected utility.
• C) maximizes both his expected income and expected utility.
• D) has the highest weighted average of income and utility.

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