3 Select the correct answer. Which measure of center is the most appropriate for this data set? 20, 6, 42, 13, 15, 10, 9, 12, 12
1 answer:
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Answer:
Mary's risk premium is $0.9375
Step-by-step explanation:
Mary's utility function,
Mary's initial wealth = $100
The gamble has a 50% probability of raising her wealth to $115 and a 50% probability of lowering it to $77
Expected wealth of Mary,
= (0.5 * $115) + (0.5 * $77)
= 57.5 + 38.5
= $96
The expected value of Mary's wealth is $96
Calculate the expected utility (EU) of Mary:-
The expected utility of Mary is $9.75
Mary will be willing to pay an amount P as risk premium to avoid taking the risk, where
U(EW - P) is equal to Mary's expected utility from the risky gamble.
U(EW - P) = EU
U(94 - P) = 9.63
Square root (94 - P) = 9.63
If Mary's risk premium is P, the expected utility will be given by the formula:
Mary's risk premium is $0.9375
Answer:
36 laps Ronnie swim during practice .
Step-by-step explanation:
Let us assume that the laps that Ronnie swims be x .
Let us assume that the laps that Jackie swims be y .
As given
For every 3 laps that Jackie swims, Ronnie swims 4 laps.
i.e
3 × laps that Ronnie swims = 4 × laps that Jackie swims
3 × x = 4 × y
3x = 4y
Equation becomes
x + y = 63
Thus by using 3x = 4y .
Thus
4x + 3x = 63 × 4
7x = 252
x = 36
Put the value of x in the equation x + y = 63
36 + y = 63
y = 63 - 36
y = 27
Therefore the 36 laps Ronnie swim during practice .