A weight system is a function on chord diagrams that satisfies the so-called four-term relations. Vassilievs theory of finite-order knot invariants describes these invariants in terms of weight systems. In particular, there is a weight system corresponding to the colored Jones polynomial. This weight system can be easily defined in terms of the Lie algebra $mathfrak{sl}_2$, but this definition is too cumbersome from the computational point of view, so that the values of this weight system are known only for some limited classes of chord diagrams. In the present paper we give a formula for the values of the $mathfrak{sl}_2$ weight system for a class of chord diagrams whose intersection graphs are complete bipartite graphs with no more than three vertices in one of the parts. Our main computational tool is the Chmutov--Varchenko reccurence relation. Furthermore, complete bipartite graphs with no more than three vertices in one of the parts generate Hopf subalgebras of the Hopf algebra of graphs, and we deduce formulas for the projection onto the subspace of primitive elements along the subspace of decomposable elements in these subalgebras. We compute the values of the $mathfrak{sl}_2$ weight system for the projections of chord diagrams with such intersection graphs. Our results confirm certain conjectures due to S.K.Lando on the values of the weight system $mathfrak{sl}_2$ at the projections of chord diagrams on the space of primitive elements.
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