Problem 4: Three primary domains of economic decision making are: (1) choices between consumption bundles (consumer theory); (2) choices between how much to consume in different time periods (choice over time); and (3) choices between different risks and payoffs a consumer might face, such as the chance of a good outcome, $x, with probability, p, and the chance of a bad outcome, $z, with probability, 1 p versus a guaranteed intermediate outcome $y (where x > y > 2) (choice under uncertainty). For each of the three domains described above, provide an interpretation of convex preferences