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Question 6 [15 marks} Part a. (10 marks) Draw a diagram showing the following: I The individual is risk-loving. I The horizontal axis is the level of wealth W. I The vertical axis is line level of utility H {W}. I The individual has wealth I initially. I The individual is willing to accept a fair gamble where his wealn becomes 1.5 or [1.5, both with probability {15. Part b. {5 marks} Following Part a, drawing another diagram where the riskloving individual [ejeels an unfair gamble whose probabilities are not [115, 1.53. Assuming every'ling else as in Part a