QUESTION 4 What is the expected utility of the following lottery if the individual has the utility function over final wealth U = w2? (give an answer accurate to at least the hundredths place) A fair six sided die is rolled. If any odd number is rolled, you are paid one hundred times that number of dollars (on a roll of 1, you are paid $100, on a roll of 3 you are paid $300 on a roll of 5 you are paid $500). For any other result, you are paid nothing.QUESTION 5 What is the expected utility of the following lottery if the individual has the utility function over final wealth U = w0.95? (give an answer accurate to at least the hundredths place) A fair six sided die is rolled. If any odd number is rolled, you are paid one hundred times that number of dollars (on a roll of 1, you are paid $100, on a roll of 3 you are paid $300 on a roll of 5 you are paid $500). For any other result, you are paid nothing.QUESTION 8 Adapted from Besanko and Brautigam Consider a market of risk-averse decision makers, each with a utility function U = wz. Each decision maker has an income of $90,000, but faces the possibility of a catastrophic loss of $50,000 in income (in the case of loss, the individual is left with $40,000). Each decision maker can purchase an insurance policy that fully compensates her for her loss. This insurance policy has a cost of $5,900. Suppose each decision maker potentially has a different probability 0