Repeat Worked-Out Problem 11.1 (page 361), assuming that the indifference curves are L-shaped, as in discussion 2.

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Repeat Worked-Out Problem 11.1 (page 361), assuming that the indifference curves are L-shaped, as in discussion 2.
In Problem 11.1
a. A payoff of 200 with a probability of 0.4 and 500 with a probability of 0.6.
b. A payoff is 110 with a probability of 0.2; 130 with a probability of 0.3; 150 with a probability of 0.1; and 170 with a probability of 0.4.
c. Every possible payoff that's a whole number between (and including) 100 and 200, each with the same probability.
Repeat Worked-Out Problem 11.1 (page 361), assuming that the indifference
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Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

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