Scenario: Mike Wants to Buy an Ancient Painting from a Curator

Multiple Choice

Scenario: Mike wants to buy an ancient painting from a curator. Mike values the original painting at $50,000, while he does not have any value for a fake one. However, he cannot differentiate between the original painting and a fake painting.
-Refer to the scenario above.How much should he pay for the painting if he thinks that there is a 70 percent chance that the painting he is buying is original?

A) $50,000
B) $35,000
C) $70,000
D) $15,000