Question 9 (3 points) Mike has a utility function expressed by U(W)= W0.5, where W stands for wealth (assuming wealth is positive, i.e. W>0), and U(W) is the utility given a certain level of W. Mike has initial wealth of $10,000. Mike feels that he faces the following probability distributions of losses with respect to his wealth: Loss Amount ($) Probability $0 70% $1,000 20% $8,000 10% Is Mike a risk averse person? Yes, since his utility curve is concave. No, since his utility curve is concave. No, since his utility curve is convex Yes, since his utility curvejs convex