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3. (15 points) Consider the example given in lecture, where Y0 is uni- formly distributed on [0, 1]. (a) Find the cdf of the random

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3. (15 points) Consider the example given in lecture, where Y0 is uni- formly distributed on [0, 1]. (a) Find the cdf of the random variable Y = 3 2Y0; (b) Find the cdf of the random variable i/ = 3Y0 + 1/2; (c) Compute the means and variances of Y and 1A7. Conclude that an agent with a strictly concave VNM utility function must prefer Y to Y

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