Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr...
Suppose you have the following value function: u(z) 2 r for gains and v(z) 3r fr losses. You have aeowment of 4 apples and 3 bananas, draw your indifference curve given the value function Problem2 1) Suppse Dr Wu has four siblings. You know the oldest and the youngest of Dr Wu's siblings are men. What is the relevant outcome space now? (Order matters!) 2) Please answer true or false for the following questions and provide explanations . You are...
Problem2 1) Suppose Dr Wu has four siblings. You know the oldest and the youngest of Dr Wu's siblings are men. What is the relevant outcome space now? (Order matters!) 2) Please answer true or false for the following questions and provide explanations: You are a remarkable student, you get a good job after graduation are two independent events. . You are a remarkable student, you get a bad job after graduation are two mutually exclusive events.
Problem 1 Suppose you have the following value function: ()-2r for gains and()3r for losses. You have an endowment of 4 apples and 3 bananas, draw your indifference curve given the value function.
Problem 3 Suppose you have the following value function: (x)2 for gains and v(x 3r for losses. 3a Suppose your reference point is zero, represent the value function graphically. 3b Suppose you get a 10 dollars raise, which you do not expect. What is the value of this raise to you? Suppose you get a 10 dollars raise, but you actually expect to have a 20 dollars raise, what is the value of this raise to you? Depict the two...