Use the following to answer questions:
-(Table: Choice with Uncertainty) Look at the table Choice with Uncertainty. Suppose the probability that the sitcom does not make it to television is 50%, that it makes it to television but is not the most viewed show in its time slot is 30%, and that it makes it to television and is the most viewed show in its time slot is 20%. Given this information, Norman's expected total utility is _____ utils.
A) 2,000
B) 2,150
C) 2,350
D) 2,650

Question

Use the following to answer questions: 
-(Table: Choice with Uncertainty) Look at the table Choice with Uncertainty. Suppose the probability that the sitcom does not make it to television is 50%, that it makes it to television but is not the most viewed show in its time slot is 30%, and that it makes it to television and is the most viewed show in its time slot is 20%. Given this information, Norman's expected total utility is _____ utils.
A) 2,000 
B) 2,150 
C) 2,350 
D) 2,650

Quizplus · Accepted Answer

The expected utility is calculated by multiplying each outcome's utility by its probability and summing them up: (0.5 * 1,000) + (0.3 * 2,000) + (0.2 * 5,000) = 2,350 utils.

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