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

question 172

Multiple Choice

-Andrew's utility of wealth schedule is given 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. The expected income from the job as a cook is ________ and from the job as a server is ________.

• A) $10,000; $15,000
• B) $5,000; $5,000
• C) $10,000; $5,000
• D) $10,000; $10,000

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