Qing just inherited a vineyard from a distant relative. In good years, she earns $216 from the sale of grapes from the vineyard. If the weather is poor, she earns only $27. Qing's estimate of the probability of good weather is 2/3. (a) Compute the expected value and the variance of Qing's income from the vineyard. (b) Qing is risk averse. William, a grape buyer, offers Qing a guaranteed payment of $153 each year in exchange for her entire harvest. Will Qing accept the offer? Provide a brief explanation. (c) Suppose that Qing's utility function is given by u(v)=v1/3. Find the lowest guaranteed payment Qing would accept (in other words, the price at which Qing is indifferent between accepting and rejecting William's offer). Qing just inherited a vineyard from a distant relative. In good years, she earns $216 from the sale of grapes from the vineyard. If the weather is poor, she earns only $27. Qing's estimate of the probability of good weather is 2/3. (a) Compute the expected value and the variance of Qing's income from the vineyard. (b) Qing is risk averse. William, a grape buyer, offers Qing a guaranteed payment of $153 each year in exchange for her entire harvest. Will Qing accept the offer? Provide a brief explanation. (c) Suppose that Qing's utility function is given by u(v)=v1/3. Find the lowest guaranteed payment Qing would accept (in other words, the price at which Qing is indifferent between accepting and rejecting William's offer)