QUESTION 33 Figure 27-5. The figure shows a utility function for Dexter. B A a. b. d. Refer to Figure 27-5. From the appearance of the utility function, we know that C. Utility $800 $1,300 $1,800 Wealth Dexter is risk averse. Dexter gains less satisfaction when his wealth increases by X dollars than he loses in satisfaction when his wealth decreases by X dollars. the property of diminishing marginal utility does not apply to Dexter. All of the above are correct.

QUESTION 33 Figure 27-5. The figure shows a utility function for Dexter. B A a. b. d. Refer to Figure 27-5. From the appearance of the utility function, we know that C. Utility $800 $1,300 $1,800 Wealth Dexter is risk averse. Dexter gains less satisfaction when his wealth increases by X dollars than he loses in satisfaction when his wealth decreases by X dollars. the property of diminishing marginal utility does not apply to Dexter. All of the above are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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