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MAXImum [283]
3 years ago
5

Draw a utility function over income u( I) that describes a man who is a risk lover when his income is low but risk averse when h

is income is high. Can you explain why such a utility function might reasonably describe a person’s preferences?

Business
1 answer:
AysviL [449]3 years ago
6 0

Answer:

Suppose there is an individual who needs a certain level of income, I°, in order to stay alive.  An increase in income above that level of income I° will have a diminishing marginal utility.  Below I°, the individual will be a risk lover and will take unfair gambles and risks in an effort to make large gains in income. Above I°, the individual will purchase insurance against losses.

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3 years ago
Looking outside the organization to examine what industry competitors and excellent "performers" outside of your industry are do
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Which one of the following account groups normally has a credit​ balance? A. equity and assets B. assets and liabilities C. asse
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2 years ago
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Answer:

Demo Consulting

DEMO CONSULTING

Income Statement for the year ended August 31, 20Y9"

Fees Earned                               $72,460

Salary Expense              $19,540

Supplies Expense             2,340

Depreciation Expense      1,390

Miscellaneous Expense   2,100

Total Expenses                          $25,370

Net income                                $47,090

Explanation:

a) Data and Calculations:

DEMO CONSULTING

End-of-Period Spreadsheet

For the Year Ended August 31, 20Y9

                                          Unadjusted      Adjustments             Adjusted

                                        Trial Balance                                    Trial Balance

Account Title                     Dr.           Cr.      Dr.           Cr.        Dr.            Cr.

Cash                               11,050                                              11,050

Accounts Receivable   26,300                                            26,300

Supplies                          2,790                               2,340        450

Land                              22,880                                           22,880

Office Equipment          21,570                                           21,570

Accumulated Depreciation           2,920               1,390                     4,310

Accounts Payable                           7,100                                             7,100

Salaries Payable                                                       340                       340

Common Stock                             8,900                                            8,900

Retained Earnings                       17,930                                           17,930

Dividends                     3,420                                             3,420

Fees Earned                               72,460                                          72,460

Salary Expense          19,200                      340              19,540

Supplies Expense                                    2,340                2,340

Depreciation Expense                             1,390                 1,390

Miscellaneous Expen. 2,100                                             2,100

                                109,310   109,310   4,070   4,070  111,040    111,040

4 0
2 years ago
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