15.3 What is the smallest amount of money that Norma would be willing to accept instead of L? [1] 15.4 Is Norma risk averse, risk neutral or risk loving? Substantiate your answer. [1] 15.5 Draw a graph of Norma's utility function. Your graph should specifically indicate the utility of R100, the utility of R1 000, the expected utility of L, the utility of the expected monetary value (EMV) of L and the utility of the amount of money given by your answer in 15.3. [3] QUESTION 16 [2 Marks] In evolutionary game theory, what is the significance of the selection principle? QUESTION 17 [5 Marks] Answer ONE of the following two questions. 17.1 Describe the Centipede game, its game theoretic solution as well as key findings from experimental studies wherein participants play the Centipede game. [5] OR 17.2 Explain what the Tit-for-tat strategy is and why, according to Axelrod, it is a very successful strategy in a repeated prisoners' dilemma tournament in which many different strategies compete. [5]