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

E 8110 Set 1 #4 3. Urs and Victor have (possibly different) CRRA utility functions and possibly different 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) (0) When faced with a choice between 5.4:[1/2 1/2 ]mdta=[ 1 J m w+10000 w+4000 Urs prefers A, while Victor prefers B. Here, 1.0 is their respective intial wealth. That is, you observe them choosing between a. 50 percent chance of winning an additional $10000, and $4000 for sure, 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 56 0.81.0 1.41.0] and 1:\"- [11]\" Urs prefers D, while Victor prefers C. That is, if offered a. lottery that either increase the initial 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? 4. Same question as above, but for Ursula and Victoria, who both have dierent CARA utility functions