Consider an individual with the following utility function 5 Mm) = min+[22:,a:+ 5}, where a; 2 I) denotes income. (a) Depict the utility function with Mm) on the vertical axis, and income a: on the horizontal axis. Is this individual risk loving, risk neutral, or risk averse? Explain. {b} Suppose that there are three states of the world, {31,32,333}, each equally likely. There are two assets, 2:1 and 2:2. The income of the two assets at different states are given below: 14(31): 1, 3:1{32) = 5, 3:1{33) = 9; 352{31l = 2: 352{32l = 3a Miss) = 10' Calculate the expected utility of 2:1 and 2:2. Which asset would be preferred by this individual