10 15 20 15 20 20 Suppose that a proposed project has benefits per person of $50,000 with probability 0.4 and $0 with probability 0.6. A. What is the expected monetary value (EMV) of the benefits of this project to each person? 8. \"The certainty equivalent (CE) is the theoretically correct measure of the dollar value of an uncertain prospect, but it is generally not practical to use it.\" Discuss. C. Consider a prospect that that has a 0.5 probability of $X and a 0.5 probability of $0. Use a diagram to explain why a risk lover's maximum willingness to pay for insurance will be less than the expected value of the loss. D. \"If the cost of a project has an EMV of $Y, the percentage difference between EMV and CE will be larger the smaller the number of people sharing the cost.\" Discuss. E. Consider two job-training programs that cost the same and whose outcomes are uncorrelated with other sources of income. Program X has benefits per participant of $30,000 with probability 0.5 and $10,000 with probability 0.5 and program Y has benefits per participant of $50,000 with probability 0.4 and $0 with probability 0.6. Other things equal, are these programs equally desirable? If not, which is better? Explain. F. Explain why CE > EMV if the outcomes of a project are negatively correlated with income