2. Consider an expected utility maximizing risk-averse individual with the utility-of- wealth function u(w) and initial wealth wo. There is a lottery that pays G with probability p and B with probability 1 -P, with G> B. (a) Suppose the individual already owns the ticket to this lottery, in addition to her initial wealth. Find an equation that implicitly defines the smallest price P, such that she would be willing to sell the ticket for this price. (b) Now suppose she does not initially own the ticket, and has to consider whether to buy one. Find an equation that implicitly defines the highest price P, that she would be willing to pay to buy the ticket. (c) Calculate P, and P, if the individual's utility function of his final wealth w is u(w) = √w, and G = 10, B = 0, wo = 10, and p = 0.5.

Identify an experience good. Identify a search good. How does the retailing of the experience good differ from the retailing of the search good? Do these differences help consumers?

When Sasha's father speaks to her but she is distracted and looks around, he sometimes reaches out and turns her head so they make eye contact. Her father is using what type of touch? love-intimate touch social-polite touch demand touch functional touch