Question: Assume that your utility function for the payoffs is U(x) = squareroot of x . Plot the expected utility of each alternative versus the value

Assume that your utility function for the payoffs is U(x) = squareroot of x . Plot the expected utility of each alternative versus the value of p on the same graph. For each alternative, find the range of values of p over which this alternative maximizes the expected utility.

You are given the following payoff table:

	State of Nature
Alternative	S₁	S₂
A₁	25	36
A₂	100	0
A₃	0	49
Prior Probability	p	1 - p

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