For an individual whose coefficient of relative risk aversion is 1 (and who displays constant relative risk aversion as income changes),utility is equal to the natural logarithm of income. That is, where X denotes income. For such an individual,what income level is the certainty equivalent of a risky income with a 50% chance of being $90,000 and a 50% chance of being $40,000?

Question

For an individual whose coefficient of relative risk aversion is 1 (and who displays constant relative risk aversion as income changes),utility is equal to the natural logarithm of income. That is,  where X denotes income. For such an individual,what income level is the certainty equivalent of a risky income with a 50% chance of being $90,000 and a 50% chance of being $40,000?

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The Answer of For an individual whose coefficient of relative risk aversion is 1 (and who displays constant relative risk aversion as income changes),utility is equal to the natural logarithm of income. That is,  where X denotes income. For such an individual,what income level is the certainty equivalent of a risky income with a 50% chance of being $90,000 and a 50% chance of being $40,000?

For an Individual Whose Coefficient of Relative Risk Aversion Is