Solved: Suppose that i am indifferent about the following two, Basic Statistics

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Suppose that i am indifferent about the following two

Question: Suppose that I am indifferent about the following two choices: a sure $3,000 payoff, and a payoff of $5,000 with probability 0.2 and $500 with probability 0.8. Am I a risk taker or a risk-averse individual (within the range $500 to $5,000)? Explain.

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Basic Statistics: Suppose that i am indifferent about the following two

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