please explain these 2 question in detail! there is already have answer for it.

(3-4). The following Q-Q plots compare the daily returns on S&P500 index with the normal distribution and Cauchy distribution. (3) The plots suggest that (a) The returns have lighter tails than both normal and Cauchy. (b) The returns have lighter tails than normal and heavier tails than Cauchy. (c) The returns have heavier tails than normal and lighter tails than Cauchy. (d) The returns have heavier tails than both normal and Cauchy. Answer: C. Refer to Assignment 2, II; Lecture 2, p19-20. (4) The 1\% VaR and expected shortfall (ES) computed based on the normal assumption are v and s respectively. Which of the following is most likely the case for the true 1% VaR and ES? (a) VaR0.01>v,ES0.01s (d) VaR0.01>v,ES0.01>s Answer: D. Given that the returns have heavier tails than normal, both measures based on normal distribution are more likely to be underestimated. (Lecture 2, p24). (3-4). The following Q-Q plots compare the daily returns on S&P500 index with the normal distribution and Cauchy distribution. (3) The plots suggest that (a) The returns have lighter tails than both normal and Cauchy. (b) The returns have lighter tails than normal and heavier tails than Cauchy. (c) The returns have heavier tails than normal and lighter tails than Cauchy. (d) The returns have heavier tails than both normal and Cauchy. Answer: C. Refer to Assignment 2, II; Lecture 2, p19-20. (4) The 1\% VaR and expected shortfall (ES) computed based on the normal assumption are v and s respectively. Which of the following is most likely the case for the true 1% VaR and ES? (a) VaR0.01>v,ES0.01s (d) VaR0.01>v,ES0.01>s Answer: D. Given that the returns have heavier tails than normal, both measures based on normal distribution are more likely to be underestimated. (Lecture 2, p24)