Say an individual is faced with the decision of whether to buy auto insurance or not (like before laws in many states changed). The states of nature are that no accident occurs (with probability .992) or an accident occurs (with probability .008). Here is the payoff table for the decision makerState of NatureDecisionNo AccidentAccidentPurchase insurance -500 -500Do not purchase Ins. 0 -10000

b-say the individual is a risk avoider. Create a table with plausible values of utility for the risk avoider, calculate the expected utility of each decision and state which decision is best based on the expected utility idea.