Suppose You Are Given the Following Preference Information: A: (0

question 56

Multiple Choice

Suppose you are given the following preference information: a: (0, 1, 0: 3000, 2000, 1000) is indifferent to b: (3/4, 0, 1/4: 3000, 2000, 1000) . If U(3000) = 1 and U(1000) = 0, what is U(2000) ?

• A)depends on the specific person involved
• B)0.25
• C)0.75
• D)0.50

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Definitions:

Normal Distribution

A symmetric distribution regarding probabilities, centered on the mean, where data points close to the mean are more recurrent than distant ones.

Mean Weight

The average weight of a group of items or individuals calculated by summing their weights and dividing by the number of items or individuals.

Confidence Interval

A statistical range, with a given probability, that is likely to contain the true value of an unknown population parameter.

Average Speed

A measure of the total distance traveled divided by the total time taken for the trip, used in various contexts to indicate speed consistency.