Question 2 Ruby is a sophisticated presentbiased agent with ,6 = 0.5 and 2 1_ She has ublity function vim) : 33. Ruby is deciding todayt : Cl) whether she will either: - work tomorrow (t : 1] for 5510 income to be received the day after she works it : 2} or - party tomorrow if = 1] for immediate utility of 8 but no income. That is, she is deciding between (2, 10] and {1,8}. a] What does Ruby decide? b) Ruby is able to commit to working at t : 1 by declining at t = 0 the party invitation {at no cost}. Will she decline the invitation? cl Suppose declining the party invitation comes at a cost to Ruby's reputation at t : 2. What is the largest utility cost that Ruby would be willing to incur such that she would still use the commitment device of declining the invitation? d] Victoria is a naive presentbiased agent with ,8 = 0.5 and r5 : 1. She has utility function 11(3) : in. Victoria faces the same choice as Ruby and also has the chance to decline at t = U the party invitation at a cost to Victoria's reputation at t : 2. Will Victoria decline the invitation