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Total utility and money for risk-averse individual

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Question

Draw the relationship between total utility (pleasure) and money for a risk-averse individual.

Now assume that the individual must participate in a lottery where there is a 50% third chance of winning $10 million dollars and a 50% chance of winning zero dollars. Use the chart from part (a) to show how much they would be willing to sell this $5 million dollar ticket for.

Reference no: EM133302363

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