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Evaluate the following statements as true or false. Provide your reasoning: a. A risk-averse person prefers...

Evaluate the following statements as true or false. Provide your reasoning:

a. A risk-averse person prefers the expected utility of income of a risky bet to the utility of the expected income of the same bet.

b. A risk-averse person would always take a sure $10 rather than a 10% chance at $100.

c. A risk-averse person has an increasing marginal utility of income (or wealth).

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