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(Solved by Expert Tutors)Refer to Table 5.3.

The information in the table below desc


Refer to Table 5.3.

The information in the table below describes choices for a new doctor. The outcomes represent different macroeconomic environments, which the individual cannot predict.

Table 5.3

Outcome 1

Outcome 2

Job Choice

Prob.

Income

Prob.

Income

Work for HMO

0.95

$100,000

0.05

$60,000


Own practice

0.2

$250,000

0.8

$30,000

Research

0.1

$500,000

0.9

$50,000

Rank the doctor's job options in expected income order, highest first.

Do research, open own practice, work for HMO.

Work for HMO, do research, open own practice.

Open own practice, work for HMO, do research.

Do research, work for HMO, open own practice.


CORRECT ANSWER: B -?Work for HMO, do research, open own practice.

 


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Apr 19, 2020

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