A totrep T ranks lotteries according to the utility function U(p)=xXp(x)ln(x) (a) State the independence assumption for expected utility. Does T satisfy it? (b) Is T risk averse? Does T have decreasing (absolute) risk aversion? (c) T has wealth w>500 and is just indifferent between accepting and rejecting a lottery hat gives her an equal probability of winning 1000 and losing 500. What is T's wealth? A totrep T ranks lotteries according to the utility function U(p)=xXp(x)ln(x) (a) State the independence assumption for expected utility. Does T satisfy it? (b) Is T risk averse? Does T have decreasing (absolute) risk aversion? (c) T has wealth w>500 and is just indifferent between accepting and rejecting a lottery hat gives her an equal probability of winning 1000 and losing 500. What is T's wealth