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(Table: Total Utility and Income for Ibrahim) Use Table: Total

Question 180

Multiple Choice

(Table: Total Utility and Income for Ibrahim) Use Table: Total Utility and Income for Ibrahim. The expected value of Ibrahim's income is:  Table: Income and Utility for Ibrahim  State  Probability  Income  Total Utility (utils)  10.20$1,0002020.5020,00020030.30200,00010,000\begin{array}{l}\text { Table: Income and Utility for Ibrahim }\\\begin{array} { | l | l | l | l | } \hline \text { State } & \text { Probability } & \text { Income } & \text { Total Utility (utils) } \\\hline 1 & 0.20 & \$ 1,000 & 20 \\\hline 2 & 0.50 & 20,000 & 200 \\\hline 3 & 0.30 & 200,000 & 10,000 \\\hline\end{array}\end{array}


A) $221,000.
B) $20,000.
C) $110,000.
D) $70,200.

Correct Answer:

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