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Construct your personal utility function for money in the range of -$1,000 to +$1,000. The decision situation is related to possible added income and/or expenses associated with traveling to Europe to interview for a possible job. How would this function change if you had no cash on hand? How would it change if you had $10,000 in personal savings? How would the utility function change if you needed $500 to make the trip? Assume that a major loss is received if the trip is not made.

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Statistics and Probability, Statistics

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