Complete the following table in preparation for a Monte Carlo simulation.
Definitions:
Marginal Utility
The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service; equal to the change in total utility divided by the change in the quantity consumed.
Absolute Terms
A method of expression or measurement that is independent of other variables or comparisons, focusing on intrinsic values.
Prospect Theory
A behavioral economic theory that describes how people make choices when faced with uncertain outcomes, emphasizing the value of gains and losses rather than final outcomes.
Default Options
Pre-selected choices or settings designed to simplify decision-making by assuming a standard action unless an alternative is specified.
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