What is the expected value of v over the vacation

Assignment Help Econometrics

Reference no: EM13246262

A family is taking a 10 day vacation, the only one possible due to busy schedules. 2 possiblilities: Someone will get sick and ruin vacation (so no vacation days) or no one will get sick and they will have 10 vacation days.

Family utility function as U= v^1/2. V is vacation days the family ends up being able to take. Chance of someone in the family getting sick over the time period is 20%. What is the expected value of V over the vacation.

Reference no: EM13246262

Questions Cloud

How many bulbs can be lite with this power : Water flows over a section of Niagara Falls at a rate of 1.07 × 106 kg/s and falls 40 m, How many 70 W bulbs can be lite with this power

What is amount of the economics profits at the output level : Suppose that the price of a service sold in a perfectly competitive market is $25 per unit. For a firm in this market, the output level corresponding to a marginal cost of $25 per unit is 2,000 units.

What is the increase in the gravitational potential energy : An 150kg man climbs up a 1m high flight of stairs, What is the increase in the gravitational potential energy of the man-earth system

A nickel is a transition element and has a variable valence : Nickel is a transition element and has a variable valence.Using a nickel salt, 2 F (faradays) plate out 39.2 g ofnickel. What ions are in the solution of this salt? Atomic molar masss Ni = 58.7 g·mol-1

What is the expected value of v over the vacation : A family is taking a 10 day vacation, the only one possible due to busy schedules. 2 possiblilities: Someone will get sick and ruin vacation (so no vacation days) or no one will get sick and they will have 10 vacation days.

Offer of trade and diplomatic recognition : What historical and cultural elements might account for Qianlong’s refusal of Great Britain’s offer of trade and diplomatic recognition?

Explain the long-run adjustments for the industry : A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but in which firms are operating below their minimum efficient scale.

Calculate the speed of an airliner : Calculate the speed of an 8.5 × 104 kg airliner with a kinetic energy of 1.2 × 109 J

What is its rotational kinetic energy : A propeller is modeled as five identical uniform rods extending radially from its axis. what is its rotational kinetic energy

User Account

All Pages