Sally Kink Is an Expected Utility Maximizer with Utility Function

question 19

Multiple Choice

Sally Kink is an expected utility maximizer with utility function pu(c₁) + (1 - p) u(c₂) , where for any x < 6,000, u(x) = 2x, and for x greater than or equal to 6,000, u(x) = 12,000 + x.

• A) Sally will be risk averse if her income is less than $6,000 but risk loving if her income is more than $6,000.
• B) Sally will be risk neutral if her income is less than $6,000 and risk averse if her income is more than $6,000.
• C) For bets that involve no chance of her wealth exceeding $6,000, Sally will take any bet that has a positive expected net payoff.
• D) Sally will never take a bet if there is a chance that it leaves her with wealth less than $12,000.
• E) None of the above.

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Definitions:

Immune System

The complex network of cells, tissues, and organs in an organism that work together to defend against foreign substances and pathogens.

Harmful Substances

Substances that are dangerous to the environment or health of living organisms.

Circulatory System

The body system responsible for the transport of blood, nutrients, gases, and wastes, helping to maintain homeostasis within organisms, particularly in vertebrates.

Transmissible Disease

Diseases that can be spread from person to person or through animals, often caused by pathogens such as bacteria, viruses, or parasites.