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12.1 Calculate the expected monetary value of the lottery. [1] 12.2 Calculate the expected utility of the lottery for each person. [3] 12.3 Indicate for

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12.1 Calculate the expected monetary value of the lottery. [1] 12.2 Calculate the expected utility of the lottery for each person. [3] 12.3 Indicate for each of X, Y and 2 if their preferences are risk loving, risk neutral or risk averse. Motivate your answer. [2]

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