Could you explain the question for a individual? could you show me how to solve these parts by explaining and providing step by step solution?

Could you explain the question for a individual? could you show me how to solve these parts by explaining and providing step by step solution? I need to understand how to solve these questions correctly, so provide step by step solution. s in advance. Question 2 Consider three choices A, B, C. Choice A gives $40 with probability 1/4 and $80
with probability 3/4. Choice B gives $70 with certainty. Choice C gives $56 with probability 1/4
and $80 with probability 3/4. (a) [2 points] Determine if a risk averse individual (i) prefers A over B, or (ii) prefers B over A,
or (iii) more information on the individual’s risk attitude is needed to compare A,B for the
individual. (b) [2 points] Determine if a risk averse individual (i) prefers A over C, or (ii) prefers C over A,
or (iii) more information on the individual’s risk attitude is needed to compare A,C for the
individual. (c) [2 points] Determine if a risk averse individual (i) prefers B over C, or (ii) prefers C over B,
or (iii) more information on the individual’s risk attitude is needed to compare B,C for the
individual.

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