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Home Q & A Board Other Fields Homework Help Business Economics
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victor.m.rojas2 victor.m.rojas2
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Posts: 513
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4 years ago
​Table 7.1
​Draw  Ball #1Draw    Ball # 2Draw Ball #3Expected benefit
Monetary benefit ($)     0      0   750​
Dopamine benefit (utils)     0     40    50​
The Table represents the payoffs for a gambling game. The player blindly draws one of three balls, marked 1, 2, and 3, from an urn. The cost to play the game is $375 per draw.


Refer to Table 7.1. For this game, the expected monetary benefit is:

▸ $0.

▸ $250.

▸ $375.

▸ $750.
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
Read 388 times
9 Replies
Replies
wrote...
#1
4 years ago
$250.
wrote...
#2
4 years ago
You make an excellent tutor!
wrote...
#3
4 years ago
​Table 7.1
​Draw  Ball #1Draw    Ball # 2Draw Ball #3Expected benefit
Monetary benefit ($)     0      0   750​
Dopamine benefit (utils)     0     40    50​
The Table represents the payoffs for a gambling game. The player blindly draws one of three balls, marked 1, 2, and 3, from an urn. The cost to play the game is $375 per draw.


Refer to Table 7.1. For this game, the expected dopamine benefit is:

▸ 0 utils.

▸ 30 utils.

▸ 40 utils.

▸ 50 utils.
Answer verified by a subject expert
shamanieshamanie
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#4
Posts: 370
Rep: 53 0
4 years ago
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wrote...
#5
4 years ago
​Table 7.1
​Draw  Ball #1Draw    Ball # 2Draw Ball #3Expected benefit
Monetary benefit ($)     0      0   750​
Dopamine benefit (utils)     0     40    50​
The Table represents the payoffs for a gambling game. The player blindly draws one of three balls, marked 1, 2, and 3, from an urn. The cost to play the game is $375 per draw.


Refer to Table 7.1. For this game, the actual monetary benefit will exceed the expected benefit:

▸ if ball number 2 or number 3 are drawn.

▸ if ball number 1 or number 2 are drawn.

▸ only if ball number 3 is drawn.

▸ The actual monetary benefit will never exceed the expected benefit.
wrote...
#6
4 years ago
only if ball number 3 is drawn.
wrote...
#7
4 years ago
Thanks
wrote...
#8
4 years ago
​Table 7.1
​Draw  Ball #1Draw    Ball # 2Draw Ball #3Expected benefit
Monetary benefit ($)     0      0   750​
Dopamine benefit (utils)     0     40    50​
The Table represents the payoffs for a gambling game. The player blindly draws one of three balls, marked 1, 2, and 3, from an urn. The cost to play the game is $375 per draw.


Refer to Table 7.1. For this game, the dopamine benefit will exceed the expected benefit:

▸ only if ball number 3 is drawn.

▸ if ball number 2 or number 3 are drawn.

▸ if ball number 1 or number 2 are drawn.

▸ The actual dopamine benefit will never exceed the expected benefit.
wrote...
#9
4 years ago
if ball number 2 or number 3 are drawn.
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