Problem 2 (7 points) You know that Tom prefers $20 over $10 and $10 over $5. You plan to ask Tom to choose between a lottery in which he gets $20 with probability 1-p and $5 with probability p, call it Lottery 1, and a lottery in which he gets $20 with probability p and $10 with probability 1-p, to be called Lottery 2. (The value of p in both lotteries is the same.) Suppose Tom is a rational decision maker. What will Tom do when choosing between Lottery I and Lottery 2? Circle one of the following three choices: must, may, will not in each case below. (1) When p=1 then Tom must, may, will not choose Lottery I over Lottery 2. (2) When p=0.6 then Tom must, may, will not choose Lottery I over Lottery 2. (3) When p=0.5 then Tom must, may, will not choose Lottery I over Lottery 2. (4) When p=0.4 then Tom must, may, will not choose Lottery I over Lottery 2. (5) When p=0.1 then Tom must, may, will not choose Lottery I over Lottery 2. (6) When p=0.01 then Tom must, may, will not choose Lottery I over Lottery 2. (7) When p=0 then Tom must, may, will not choose Lottery I over Lottery 2