Question: 3. Suppose my utility function for asset position x is given by u(x) = ( If I have $ 17,000 and I am considering the

3. Suppose my utility function for asset position

3. Suppose my utility function for asset position x is given by u(x) = ( If I have $ 17,000 and I am considering the following two lotteries Li: With probability 1, I lose $1000. L2: With probability.78, I gain $0. With probability .22, I lose $10,000 a) Draw the lotteries and determine which lottery select based in the utility value b) Determine which lottery I select based in the expected value

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