1. The probabilities of high, medium and low demand for a new product are 20%, 30% and 50%, respectively. The profit under high demand is $50,000, the profit under medium demand is $40,000 and the profit under low demand is $10,000. What is the expected profit? 2. The probabilities of high, medium and low demand for a new product are 20%, 50% and 30%, respectively. The profit under high demand is $60 million and the profit under low demand is $40 million. What would the profit under medium demand need to be so that the expected profit is $50 million?