Question 6 1.5 pts Three risk averse agents each face the risky situation: ($69. $12: 1-0.54, 0.54). The first risk averse agent's utility function has the form U($x) = a($X - $Min)^0.5, where a > 0 is an individual-specific parameter. The second risk averse agent's utility function has the form U($x) = ($X - $Min) 0.25, where b> is an individual- specific parameter. The third risk averse agent's utility function has the form U($x) = c($X - $Min) 0.125, where c> 0 is an individual specific parameter. What is the total sum of the three agents' combined insurance premiums for a "statistically fair full insurance policy"? Please compute and state your answer up to two decimal places Question 7 1 pts A risk averse farmer anticipates the future crop price to be ($485,$111: 1 -0.84,0.84) Suppose the farmer's utility function has the form U($x) = a($X - $Min)^0.5, where a > 0 is an individual-specific parameter. What is the lowest price this farmer will sell their crop to a counter-party (such as Cargill) to avoid the risky situation? Please compute and state your answer up to two decimal places Question 6 1.5 pts Three risk averse agents each face the risky situation: ($69. $12: 1-0.54, 0.54). The first risk averse agent's utility function has the form U($x) = a($X - $Min)^0.5, where a > 0 is an individual-specific parameter. The second risk averse agent's utility function has the form U($x) = ($X - $Min) 0.25, where b> is an individual- specific parameter. The third risk averse agent's utility function has the form U($x) = c($X - $Min) 0.125, where c> 0 is an individual specific parameter. What is the total sum of the three agents' combined insurance premiums for a "statistically fair full insurance policy"? Please compute and state your answer up to two decimal places Question 7 1 pts A risk averse farmer anticipates the future crop price to be ($485,$111: 1 -0.84,0.84) Suppose the farmer's utility function has the form U($x) = a($X - $Min)^0.5, where a > 0 is an individual-specific parameter. What is the lowest price this farmer will sell their crop to a counter-party (such as Cargill) to avoid the risky situation? Please compute and state your answer up to two decimal places