5. Demand for Insurance. The next two questions refer to Figure 2 below. Figure 2. UM - U(). .... U(Y)- Utility Utility Wealth Wealth Graph 1 Graph 2 Suppose individual A and B both have a 12 probability of receiving Y and a 1/2 probability of receiving YL. Individual A is more risk averse than individual B. a. [4 points] Label which of the graphs above describes individual A and individual B's utility function. b. [6 points] Suppose the insurer offers an actuarially unfair, full-insurance contract. Draw on each of the graphs the maximum administrative costs that each individual would be willing to pay. Is this amount larger for person A or person B