Analyze whether the person will accept the gamble
Consider a person with an initial wealth level of $200 who faces a chance to win $60 with probability 1/4 and lose $20 with probability 3/4. If this person's utility function is given by i. U(M) = ÖM OR ii. U (M) =M2 OR iii. U (M) =M, will she accept this gamble? Show your steps.