-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. Given the nature of Andrew's job offers and his utility of wealth schedule, Andrew's expected utility from working as a cook is ________ and from working as a server is ________.
Definitions:
Sherman Antitrust Act
The Sherman Antitrust Act is a landmark U.S. legislation passed in 1890, aimed at maintaining fair competition in the marketplace by prohibiting monopolies and other activities that restrained trade.
Duopolists
Duopolists are two firms that dominate a particular market or industry, influencing prices and market outcomes.
Demand for Pizza
The quantity of pizza that consumers are willing and able to purchase at various prices.
Cartel
An association of manufacturers or suppliers designed to maintain high prices and restrict competition.
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