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An individual earns $70,000 annually, and has no insurance. In a given year, there is a 10 percent probability (i.e. 0.1) of an adverse event. If the event occurs, the individual will have expenses (or a loss) of $25,000. The individual derives utility from income according to the following formula:
U = Y(0.4) (i.e. Y raised to the 0.4 power), where Y = income.
What is the individual's expected utility (NOTE: Round your answer to 1 decimal value, e.g. 36.7)?
Identify two stakeholders you may consult when reviewing and confirming your organization's vision and mission.
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Invisible hand of market would optimally allocate exhaustible resources and prevent shortages because market prices of a resource such as oil reflect both its current value and its future value. Why might Hotel ling be right.
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