There is one period. Assume a representative agent with utility function U(ct) = 1 — exp(nct). In parts b) through h) assume the following: • n = .01. • Consumption at t = 0 is Co = 25. • At t = 1 one of two states ₁ and 2 eventuate with probability #₁ = .5, and 7₂ = .5, respectively. • There are two complex securities s¹ and s². • s¹ has a payoff of 23 in 0₁ and 27 in 02. • s² has a payoff of 21 in 0₁ and 31 in 02.