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a)Following an analysis, Leonard Bates has revealed the following utility preferences to different levels of wealth. Wealth ($)Utility (Units) 100,00022 200,00032 300,00037 What do these

a)Following an analysis, Leonard Bates has revealed the following utility preferences to different levels of wealth.

Wealth ($)Utility (Units)

100,00022

200,00032

300,00037

What do these figures imply about Leonard's risk preferences (or his willingness to

take risk)? Explain fully.

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