Question 1) Suppose we wish to construct the utility function of Jill. Jill has to make a decision under uncertainty. The worst outcome that Jill faces is $10,000 (i.e., she may lose $10,000 ) whereas the best outcome is $30,000. Therefore, there is a need to construct Jill's utility function between these two extreme values. Jill reported the following about her preferences: i) she is indifferent between a lottery that either offers $10,000 or $30,000 with equal probabilities and a sure outcome $3,400 (sure loss $3,400 ), ii) she is indifferent between a lottery that either offers $10,000 or $3,400 with equal probabilities and a sure outcome $8,000 (sure loss $8,000 ), iii) she is indifferent between a lottery that either offers $3,400 or $30,000 with equal probabilities and a sure outcome $8,000