Question: this question has the answer but i need step by step explanation. for example in a the steps to get to the answer so i

this question has the answer but i need step by step explanation. for example in a the steps to get to the answer so i can learn. thank you

26. Consider the insurance problem from class in which an agent with wealth w dollars has a chance (0,1) of incurring a loss of dollars, where 01/2 she chooses max{0,q(1q)w(1/2q)+q/2}, and if q1/2 she chooses max{0,q(1q)w(1/2q)+q/2}, and if q

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