Assume Brandon's Benefit Function for Water Is and He

question 48

Multiple Choice

Assume Brandon's benefit function for water is and he consumes water both in droughts,W_D and in the rainy season,W_R.Assume his water bundle is W_D = 36 and W_R = 25 and the probability of drought is 0.75.Expected water consumption is

• A) 33.25
• B) 61
• C) 30.5
• D) 27

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