Please explain how to solve this problem in details

Problem 3. Recall the Allais paradox from lecture. Question 1: ($1, 1) or ($1, 0.89; $5, 0.10; $0, 0.01) Question 2: ($1, 0.11; $0, 0.89) or ($5, 0.10; $0, 0.90) Most people prefer the first lottery in Question 1 but the second lottery in Question 2. Suppose someone chooses according to prospect theory with value function -0.1 if x 2 0 v (@ = 2.x if x