Expected
-
utility theory tells us that a risk
-
averse individual would want to be paid
a risk premium to induce
her
to voluntarily accept risk. Or, alternatively, the risk
-
averse individual would have to be offered odds that were in
her
favor in order to
induce h
er
to gamble. Here, “odds” refer to the probability of loss/gain and/or the
magnitude of the loss/gain.
Ms
.
Jane’s
utility function is U(
I
) =
(
10
0
+
I
)
0.
4
5
, where
100 is her initial income
level and
I
is
additional income gained or lost from a gamble. Ms.
Jane
can
choose not to gamble or to gamble.
The gamble involves the roll of a fair dice. If
the number is e
ven Ms.
Jane
wins $100 but if it is odd Ms.
Jane
loses $100.
(i)
Will Ms.
Jane
choose the gamble?
(ii)
In words, briefly describe what would need to change to induce Ms.
Jane
to take the gamble
(
hint
: focus on the characteristics of the gamble not her
preferences).
In: Economics
In: Mechanical Engineering
|
Real engine pistons are tapered. Explain the need for this feature; aid your explanation with a sketch of a piston in a cylinder. |
In: Mechanical Engineering
|
What are the two main criteria for designing a piston? Show the relevant equations and discuss these criteria in a couple of sentences. |
In: Mechanical Engineering
Randomly select a 7 digit natural number.
a) Find the probability that the number has 4 odd digits, 3 even
numbers, and no number is repeated.
b) Find the probability that the number 2 is present exactly 2
times, the number 3 is present exactly 3 times, the remaining
digits are present no more than 1 time.
In: Statistics and Probability
A monkey sits on a bathroom scale which is on the floor of an elevator for a very tall building. The monkey has a mass of 42.0 kg. What is the reading on the scale if there is not motion and no acceleration? When the elevator starts moving the scale reads 480 N. Describe the acceleration for this case. At another time the scale reads 360 N. Describe the acceleration for this second case. Calculate the acceleration in each case.
A car collides with a fence in such a manner as to cause the fence to bend by 0.330 m. The car was initially traveling at a speed v = 26.0 m/s but it comes to a complete stop. Determine the acceleration for someone in the car. What force had to be exerted on someone in the car?
In: Physics
Assume that you are stuck in an elevator with a potential investor and only have 60 seconds to pitch a business idea that you developed. 2. Develop a 60-second “elevator” pitch to summarize the business idea. Record this, either using video or audio and post it to this discussion forum. Your pitch should include the following: The problem your product or service is going to solve Types of people or companies that suffer from the problem How widespread the problem is and the importance of solving it The innovation or competitive advantage behind the product/ service 3. Ensure that your video/audio clip has an appropriate means of protecting it from unauthorised use.
In: Operations Management
IN JAVA
Write a program that uses a two-dimensional array to store the highest and lowest temperatures for each month of the year. Prompt the user for 12 months of highest and lowest. Write two methods : one to calculate and return the average high and one to calculate and return the average low of the year. Your program should output all the values in the array and then output the average high and the average low.
im trying to figure out how to get a 2D array to store a number for the highest and the lowest of each month. I can get it to do either the highest or lowest but not both.
Thanks
In: Computer Science
Two candidates: a populist named T and a woman named C, are competing for the presidency of a small country with a population of 5 people eligible to vote (being T and C part of this population). each candidate votes for himself with certainty. One of the three people will vote for candidate C with certainty.
the other two voters, let's say people X and Y, are undecided. each has a 40% chance of voting for T (and 60% of doing so for C). In an interesting way, their votes have a dependency (they can discuss politics among themselves, after all, it is a very small country): conditioned to X voting for C, the probability that the voter Y does the same It's 2/3.
What si the probability that C wins the election ( that is, gets the most of the votes)?
In: Statistics and Probability
A local credit union offers car loans to customers on a regular basis. Unfortunately, the credit union ends up repossessing an average of 20 cars per month. Once the cars are repossessed, the credit union sells them to individual buyers to recoup some of their losses.
The cars are placed in a secure parking lot; where potential buyers are invited to inspect the cars. To find out which cars are available each month, potential buyers subscribe to a mailing list. If the car looks good, the buyer puts in a bid to the credit union via email. The highest bid wins the car.
The credit union has been doing the paperwork for these transactions by hand, but now want a computerized system. Because you have knowledge in database development and Microsoft Access, you have been hired to create a database for the monthly auction.
Using the database design rules covered in class, list each rule. Then provide specific details when appropriate as you develop the auction database. When you are finished, I should be able to see the tables, fields, datatypes, primary keys, foreign keys, and relationships.
Consider the following.
- When the bank repossesses a car, an employee records the year, make and model of the car, the mileage, color and VIN number
- Potential customer information is also recorded; name, address, gender, phone number and email address.
- Finally, the bank needs to have some way of recording the bids that come in. Customers send in their bids on specific cars. The bids are recorded and the date is noted.
In: Computer Science