Question: 2. (8 points) Consider an individual for whom utility (U) as a function of income (Y). Individual A U =Y.6 Consider a gamble with the

2. (8 points) Consider an individual for whom utility (U) as a function of income (Y). Individual A U =Y.6 Consider a gamble with the following payouts: Probability 50 percent $60.00 50 percent $150.00 a) What is the expected income and expected utility for individual A? b) How much would Individual A be willing to pay or have to be paid for a sure thing? C) Show your findings on a graph

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