What is expected utility?
What will be an ideal response?
Expected utility is the average utility arising from all possible outcomes.
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If the expected future exchange rate decreases, then the supply of dollars ________ and the demand for dollars ________
A) increases; increases B) decreases; increases C) increases; decreases D) decreases; decreases E) does not change; does not change
What describes the graphical relationship between average product and marginal product?
A) Average product cuts marginal product from above, at the maximum point of marginal product. B) Average product cuts marginal product from below, at the maximum point of marginal product. C) Marginal product cuts average product from above, at the maximum point of average product. D) Marginal product cuts average product from below, at the maximum point of average product. E) Average and marginal product do not intersect.