You have just been chosen to appear on Hoosier Millionaire! The rules are as follows: There are three hidden cards. One says "STOP" and the other two have dollar amounts of $2, and $10. You get to choose a card. If the card says "STOP", you win no money. At any time you may quit and keep the largest amount of money that has appeared on any card you have chosen, or continue. If you continue and choose the stop card, however, you win no money. a. Suppose your utility is U(x) = x^1/3 = 3âx what is the strategy that you can maximize your expected utility?
b. Consider the generalized utility function of the form x^θ where θ is your risk averseness parameter. Show that if your preference of risk averseness is θ >= 0.43, then you would play the game until you draw $10 or stop card; whereas if θ < 0.43 you would be more conservative and play only one round.
c. Find your expected utility for both of the cases θ >= 0.43 and θ =< 0.43. Notice that your expected utility (EMV with utility function) will now be a function of θ.

What is credit and debit in accounting

The production manager of rordan corporation has submitted the following quarterly production forecast for the upcoming fiscal year: 1st quarter 2nd quarter 3rd quarter 4th quarter units to be produced 10,800 8,500 7,100 11,200 each unit requires 0.25 direct labor-hours, and direct laborers are paid $20.00 per hour. required: 1. prepare the company’s direct labor budget for the upcoming fiscal year. assume that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. 2. prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is not adjusted each quarter. instead, assume that the company’s direct labor workforce consists of permanent employees who are guaranteed to be paid for at least 2,500 hours of work each quarter. if the number of required direct labor-hours is less than this number, the workers are paid for 2,500 hours anyway. any hours worked in excess of 2,500 hours in a quarter are paid at the rate of 1.5 times the normal hourly rate for direct labor.

:; )write a paragraph of two to three sentences and describe what will happen to a society that does not have a productive workforce?