Question: please answer Problem 7 (10 points) Consider the following four lotteries L1, L2, L3, L4 : 1/3 1/3 1/3 L1 $50 $50 $50 L2 $100

please answer Problem 7 (10 points) Consider the following four lotteries

please answer

Problem 7 (10 points) Consider the following four lotteries L1, L2, L3, L4 : 1/3 1/3 1/3 L1 $50 $50 $50 L2 $100 $50 $0 L3 $50 $0 $50 L4 $100 $0 $0 Zoe prefers lottery L1 to lottery L2, and lottery L4 to lottery L3. Explain why she cannot be an expected utility decision maker

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