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The table shows several levels of income and the utility that Judy receives from that income. If Judy is healthy, and she has a 50%
The table shows several levels of income and the utility that Judy receives from that income. If Judy is healthy, and she has a 50% chance of being healthy, her income will be $30,000. However, there is a 50% chance that she will have $8,000 of medical expenses for a knee replacement, and her income will be $22,000. Income Utility $20,000 1,000 22,000 1,400 23,000 1,550 24,000 1,600 26,000 1,650 30,000 1,700 Using two decimal places, Judy's marginal utility per dollar of income between $20,000 and $22,000 is _____ utils
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