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4. What will be Fox's utility from gaining three stickers? . W'hat will be Fox's utility from losing two stickers? {:1 . What will be

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4. What will be Fox's utility from gaining three stickers? . W'hat will be Fox's utility from losing two stickers? {:1 . \"What will be Fox's utility from gaining four stickers and losing $7? Tam What is Fox's choosing price for one sticker. That is, what is the amount of money pg that would make Fox indifferent between gaining one sticker and gaining pg? [You can follow these steps:) (a) 1What is Fox's utility from gaining one sticker? {b} What is Fox's utility from gaining pr; (as a function of pg). (c) Set these two equal, and solve for pg. 8. 1What is Fox's buying price for one sticker. That is, what is the price 303 that makes Fox indilferent between gaining one sticker and losing p3 and not getting or paying anything? (a) 1What is Fox's utility from buying one sticker for pH [as a function of pH}? (b) 1What is Fox's utility from not buying anything? (c) Set these two equal, and solve for 333. Now suppose Fox has referencedependent preferences not just over money and stickers, but over money, stickers, and airplanes. Let his consumption in money, stickers, and airplanes be :21, c2, and :3, respectively, and let his reference points in money, stickers, and airplanes be r1, r2, and r3, respectively. Then, Fox's utility is given by 1i[c1 ta) + i;(4c2 4m) + 13"{403 4m)

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