Question 1 Problem 850402: Do not include anything other than numbers in your responses. For example, do not include comma or dollar sign in your numbers. As a rule of thumb, keep 2 decimal places for larger numbers and 3 decimal places for smaller numbers less than 1. 6 pts A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand or low market demand. The company believes the product will either experience high market demand or low market demand, with probabilities of 0.5 and 0.5, respectively. The following payoff table describes the company's decision situation (all numbers are in thousands). Note that some numbers are negative. High Demand Low Demand Expand Acquire 850 Subcontract 275 1800 . -1100 -450 25 What is the best decision based on optimistic approach? (Expand/Acquire/Subcontract) Expand What is the best decision based on pessimistic approach? (Expand/Acquire/Subcontract) Subcontract What is the best decision based on equal likelihood approach? (Expand/Acquire/Subcontract) Acquire Fill in the following blanks. Keep two decimal places for your calculations. Average (for equal likelihood). Expand Acquire Subcontract 30 31 W