mework Bacob Hale: Attempt 1 Question 7 (2 points) An individual has the following utility...
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mework Bacob Hale: Attempt 1 Question 7 (2 points) An individual has the following utility function: u(w) - w-where w = wealth a. Using expected utility, order the following prospects in terms of preference, from the most to the least preferred: P1(8,1,000, 600) P26.7. 1,200, 600) P3(5.2,000, 300) b. What is the certainty equivalent for prospect P2? BI E e PRISE % & when pre i 0
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