4. "Family Man," a construction company, is considering whether to bid on a contract for a new housing complex. The cost of preparing a bid USD 200,000. Family Man has a 0.8 probability of winning the contract, if it submits the bid. If Family Man wins the bid, it has to pay USD 2000,000 to be a project partner of the project. As per the usual practice, Family Man will then consider consulting a market research firm Marquess to conduct a market survey to forecast the demand of housing complex before beginning the construction. Marquess charges a fee of USD 150,000. Now, the demand scenario can be either High demand or Low demand. Family Man gets a revenue of USD 5000,000 and USD 3000,000 in case of High demand and Low demand scenario, respectively. On the other hand, instead of construction, Family Man has a provision of selling its project rights to another project partner construction company at the price USD 3500,000. As per the historical data, "Marquess predicts "High demand" in 60% of the cases. When Marquess predicts high demand, the probability of high demand is 0.85. When Marquess predicts low demand, the probability of high demand is 0.225. In the absence of market survey, Family Man" assumes the equal probability of "High demand and Low demand scenarios. Based on these data, write the answers of the following questions a) Draw the decision tree of the problem given above. Clearly specify each of the nodes of this tree diagram with the number [3] b) Calculate the EMV of each of the nodes. Write down the node number (as per your decision tree) and respective EMV.[8.5] c) What is the final decision of Family Man regarding bidding and Market Survey? [1]