choice under uncertainty

3. An individual has his portfolio invested in such a way that its possible values are: $70,000 with probability .25 $60,000 with probability .25 $50,000 with probability .50 The individual's expected utility function is l where W is wealth. W 3a. What is the individual's expected wealth? 3b. What is the individual's expected uriligz? 3c. Suppose the individual has the opportunity to change his portfolio. The new portfolio would be $85,000 with probability .25 $60,000 with probability .25 $45,000 with probability .50 Would the individual do this? Explain