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Alex, Who Is Risk-Neutral, Is Looking for an One-Bedroom Apartment

question 26

Multiple Choice

Alex, who is risk-neutral, is looking for an one-bedroom apartment to rent for the month of August while he's on vacation in Seattle. All of the one-bedroom apartments in the neighborhood where he wants to stay are of equal quality, but 70 percent rent for $700 per month, 20 percent rent for $600 per month, and 10 percent rent for $500 per month. The first apartment Alex finds rents for $700 per month. If the cost to Alex of searching for an apartment is $30, then searching for another apartment is a gamble with an expected value of:

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Definitions:

Diaphoresis

Excessive sweating, often as a symptom of an underlying health condition or physical exertion.

Flushed

Sudden reddish coloration of the skin.

Frostbite

A condition where localized damage is caused to skin and other tissues due to extreme cold.

Heatstroke

A severe condition caused by impairment of the body’s temperature-regulating abilities, resulting from prolonged exposure to excessive heat and characterized by cessation of sweating, severe headache, high fever, hot dry skin, and in serious cases collapse and coma.