Q1. Which of the following terms express a person who risks his or her financial resources by investing it in the hope of making a profit?

Q2. An interesting property of choice procedures, called path independence, refers to the following question. Let us say that you have to make a choice from a set A: Does it matter whether

(i) you make a choice from the entire set, or (ii) you first partition A into subsets A1also A2; then make a selection from among every of the sets also finally make a choice from among elements you selected from A1 also A2?

(a) Formulate the path independence property.

(b) Elucidate how that the rational decision-maker does satisfy the property.

(c) Find examples of procedures of choice that do not satisfy this property.