Hello! If you don't mind checking my answers for my study guide. If you could explain your thought process as well, that would be amazing!

Scott consumes only two goods, rice and soup. His preferences are complete, transitive, monotonic and convex. When the price of soup falls, he buys more rice and more soup. Based on this information we can say that: A. Soup is necessarily an inferior good. OB. None of these options. OC. Rice is necessarily an inferior good. OD. Soup is necessarily a normal good. OE. Rice is necessarily a normal good.Assume that beer is a normal good. If the price of beer rises, then the income effect results in the person buying of beer and the total effect results in the person buying of beer. A. less; more O B. more; less OC. less; less D. more; moreAn individual has a vNM utility function over money of u(r) = 2vr , where x is final wealth. She currently has $4 and can choose among the following three lotteries. Which lottery will she choose? . Lottery 1: Give up her $4 and face the gamble (0.1, 0.5, 0.4) over final wealth levels ($1, $4, $16). . Lottery 2: Keep her $4. . Lottery 3: Give up her $4 and face the gamble (0.2, 0.8,0.0) over final wealth levels ($1, $4, $16) OA. Lottery 1 OB. Lottery 3 O C. Lottery 2 OD. She is indifferent between the three lotteriesAn individual has a vNM utility function over money of u(x) = vr, where x is final wealth. Assume the individual currently has $16. He is offered a lottery with three possible outcomes; he could gain an extra $9, lose $7, or not lose or gain anything. There is a 20% probability that he will win the extra $9. What probability, p, of losing $7 would make the individual indifferent between to play and to not play the lottery? OA. P = 0.1 O B. p = 1.2 OC. p = 0.2 OD. P = 0.3