An individual has a vNM utility function of money of U(x) = x^1/2, where x is her change in wealthy. She can choose between the following lotteries:1: Receive 0Receive 100 with a 40% probability.2. Receive 1600 with a 50% probability. Receive 400 with a 50% probability.Which statement is true?If x> 4900 she will choose 1. If it’s less than 4900, she’ll choose 2.If x> 3000 she will choose 1. If it’s less than 3000, she’ll choose 2.If x> 70 she will choose 1. If it’s less than 70, she’ll choose 2.She will never choose lottery one.I’m completely lose with this problem. Thank you so much!
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