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Review problem related to the risk taker or a risk-averse

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Reference no: EM131710387

Question: Suppose that I am indifferent about the following two choices: a sure $3,000 payoff, and a payoff of $5,000 with probability 0.2 and $500 with probability 0.8. Am I a risk taker or a risk-averse individual (within the range $500 to $5,000)? Explain.

Reference no: EM131710387

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