Expected value represents
A) the actual payment one expects to receive.
B) the average of all payments one would receive if one undertook the risky event many times.
C) the payment one receives if he or she makes the correct decision.
D) the payment that is most likely to occur.
B
Economics
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If both Ben and Catherine value good X more than good Y, a firm can increase profits by bundling the two products
Indicate whether the statement is true or false
Economics
If an individual's utility function is quasi-concave, his or her MRS will:
a. diminish as x is substituted for y. b. increase as x is substituted for y. c. be undefined except in special cases. d. always depend only on the ratio of x to y.
Economics