(8) X and Y are independent events. P(X)=0.3; P(Y)=0.4. Find (d) P(X or Y) (9) Repeat the previous problem if X and Y are mutually exclusive

An individual has a vNM utility function over money of u(x) = Vx, where x is final wealth. Assume the individual currently has $16. He is offered a lottery with three possible outcomes; he could gain an extra $9, lose $7, or not lose or gain anything. There is a 15% probability that he will win the extra $9. What probability, p, of losing $7 would make the individual indifferent between to play and to not play the lottery? (Make sure to answer in the form, 0.X, i.e. 0.25) Enter your answer here

3. Suppose Chelsea has the following utility function over sure wealth: v (y) = In y (a) Consider the lottery that yields the outcome $2 with probability and the outcome $8 with probability . What is Chelsea's certainty equivalent for this lottery? 2 3* (b) For the lottery in (b), how much would Chelsea pay to have her risk taken away? (c) What is Chelsea's probability premium at $25 for a lottery that could swing her wealth $20 up or down? What about $15 up or down?

Could you double-check if my answers are correct for this question 2.17? If they are not correct, please point out the error and present the correction.  Question. 2.17: a. P(A) + P(B) does not necessarily equal 1 because the events A and B could potentially overlap. In other words, it's possible for a request to be related to both the SPSS package and SAS simultaneously. The formula P(A) + P(B) - P(A ∩ B) gives the correct probability of either event A or event B occurring, taking into account the possibility of overlap.   b. The complement of event A, denoted as A', is the event that the next request is not related to the SPSS package. The probability of the complement of A can be calculated as:    P(A') = 1 - P(A)          = 1 - 0.30          = 0.70   c. The union of events A and B, denoted as A ∪ B, is the event that the next request is related to either the SPSS package or SAS or both. The probability of the union of A and B can be calculated using the formula:    P(A ∪ B) = P(A)…

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Event A is my wife cooking dinner tonight. It has been determined that P(A) = 0.15. What is P(not A)?