Please provide a step-by-step solution so that I can check my work and gain a better understanding ofhow to solve the problem.

ECON Set 1 - #3 3. Urs and Victor have (possibly different) CRRA utility functions and possibly dilferent initial wealth levels, which you do not observe. You observe the following choices and wish to decide who of them has the more risk averse utility function. For both scenarios, explain why this is or is not possible, given your information. (a) (b) When faced with a. choice between 15A: 1/2 1/2 andgz 1 ' w w+10000 w+4000 Urs prefers A, While Victor prefers B. Here1 w is their respective intial wealth. That is, you observe them choosing between a 50 percent chance of Winning an additional 310000, and $4000 for sure1 both of which get added to their respective initial wealth, which may be different and which you do not observe. When faced with a choice between _ 1/2 1/2 _ 1 CC _ [0.81\" 1.411)] and L.\" [w] Urs prefers D, while Victor prefers C. That is, if olfered a [otter],r that either increase the initiai wealth by 40%, or decreases it by 20%, Urs declines, While Victor accepts the gamble. If you make both the observation in part (a) and in part (b), What do you learn about their initial wealth levels