(8) A company is considering expansion of its current facility to meet increasing demand. A major expansion would cost $500K, while a minor expansion would cost $200K (K for thousands). If demand is high in the future, the major expansion would result in an additional profit of $900K, but if demand is low, then there would be a loss of $500K. If demand is high, the minor expansion will result in an increase in profits of $300K, but if demand is low, then there is a loss of $100K. Construct a payoff table for the company. Low demand (a) Alternative High demand Show your calculation steps below. Show your calculation steps below. Major expansion Show your calculation steps below. Show your calculation steps below. Minor expansion Do nothing (b) For what probability of a high demand will the company be indifferent between the two expansion alternatives? Hint: Let X = probability of high demand