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A cover letter
Expected Utility
A theory in economics that calculates the utility of an entity based on the probabilistic outcomes of its choices.
Probability
A numerical expression between 0 and 1 that quantifies the probability of an event happening.
Expected Total Utility
The anticipated satisfaction or benefit a consumer will derive from the consumption of goods or services.
Probability
A measure of the likelihood that a particular event will occur, expressed as a number between 0 and 1.
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