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  3. 1) (25 pts] ] the owner of a farm hires a worker t

1) (25 pts] ] The owner of a farm hires a worker to harvest crops...

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Accounting

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1) (25 pts] ] The owner of a farm hires a worker to harvest crops that sell for a price p > 0. The crop yield is a random variable y 20 distributed according to c.d.f Flle), where e {0,1} is the worker's effort. The worker has a utility function: u(w,e) = w - ce where w is the wage paid, c >0 is the marginal cost of effort, and 0 0. The crop yield is a random variable y 20 distributed according to c.d.f Flle), where e {0,1} is the worker's effort. The worker has a utility function: u(w,e) = w - ce where w is the wage paid, c >0 is the marginal cost of effort, and 0

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