Phil and Jane,and their son Dylan,have $10,000 in savings which they would like to invest.Phil wants to use the money to open a diner although he has only a 30% chance of getting the same returns as Jane who prefers investing the money in Treasury bills.Jane prefers to invest in T-bills since they are less risky.Their son,Dylan,is indifferent between the diner and Treasury bills as long as he gets a new car.How would you represent their preferences towards risk and return on an indifference map?

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The Answer of Phil and Jane,and their son Dylan,have $10,000 in savings which they would like to invest.Phil wants to use the money to open a diner although he has only a 30% chance of getting the same returns as Jane who prefers investing the money in Treasury bills.Jane prefers to invest in T-bills since they are less risky.Their son,Dylan,is indifferent between the diner and Treasury bills as long as he gets a new car.How would you represent their preferences towards risk and return on an indifference map?

Phil and Jane,and Their Son Dylan,have $10,000 in Savings Which