A new product has the following profit projections and associated probabilities. Profit Probability $151,000 0.10 $97,000 0.25 $51,000 0.20 $0 0.15 $51,000 0.20 $97,000 0.10 (a) Use the expected value approach to decide whether to market the new product. (Calculate EV(Profit) in dollars.) EV(Profit) = $ 29650 Since EV(Profit) is positive the expected value approach suggests that we should market the product. (b) Because of the high dollar values involved, especially the possibility of a $97,000 loss,

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