Question: In the previous problem, you helped the medical professionals analyze their decision using expected monetary value as the decision criterion. This group has also assessed their utility for money:

 U(-$45,000) = 0,

 U(-$40,000) = 0.1,

 U ( -$5,000) = 0.7,

 U($0) = 0.9,

 U($95,000) = 0.99,

 U($100,000) = 1.

Use expected utility as the decision criterion and determine the best decision for the medical professionals. Are the medical professionals risk seekers or risk avoiders? Explain your answer.

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document