Answer:
A mathematically "fair bet" is one in which a gambler bets, say $100, for a 10 percent chance to win $1000 dollars ($100 = .10 x 1000). Assuming diminishing marginal utility of dollars, this is not a fair bet in terms of utility because
Step-by-step explanation:
n+3
in order to get the percentage you would just need to divide 6,840 by 38,000 (6840/38000 = .18)
this gives you .18
.18 is equivalent to 18%
John paid 18% of his earnings on entertainment.
