Question 1 (8 marks) a) Define fair game. [Note: Your definition must be of no more than two lines.] (2 marks) b) How are the concepts of risk-aversion, risk premium and fair game related? [Note: No definition of each term is required; just need to show their relations. Keep your answer concise.] (3 marks) c) How is gambling related fair game? [Note: This question can only be answered clearly if gambling is defined clearly.]