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Consider a decision maker with preferences over wealth represented by the Bernoulli function.

SHIFTENGRan# RapintooALPHACASIOhypxOLXwLOCOeREPLAY>sin’sinnATURAL-U.P.A.M.AnsDRGXmINSSeDCOSabedy601x-1IIMODE SETUPRecM-fx-82ES PLUS AM+tantan5log 0ON2Question 2Consider a decision maker with preferedh represented by the Bernoulli function u(w)Vw and initial wealth equal to $100. Suppose they are faced with a gamble where there is an equalprobability of winning or losing $50. Calculate the maximum amount they would be willing to pay toavoid this gamble. Suppose instead that their initial wealth was $1,000 instead of $100. How wouldthis change your answer? Briefly explain this result and show your results graphically.

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