Then compute the average utility associated with each game, Econometrics

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Then compute the average utility associated with each game

Estimate the average dollar outcome of each of the following games. Each dollar outcome has a probability of one-quarter. Then compute the average utility associated with each game, given the utility values that are associated with each dollar outcome.

(a) $12,000,U = 109.5; $11,000,U = 104.9; $9,000,U = 94.9; $8,000,U = 89.4.

(b) $32,000,U = 178.9; $31,000,U = 176.1; $29,000,U = 170.3; $28,000,U = 167.3.

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Econometrics: Then compute the average utility associated with each game

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