Question 3 (2 Marks) BINH MINH manufactures childern's scooters and it soon to launcch its new model with GPS tracking and electronic display, showing the number of miles travelles. Binh Minh is yet to decide on a price for the new model. To reduce the risk uncertainty, it has commisioned some research on the expected level of demand, based on varying selling price levels. The suggests that if the price $419, demand is expected to be 2,000 units. A price $469, demand is expected to be 1,750 units. At price $519, demand is expected to be 1,500 units. Variable costs are estimated to be either $120, $160 and $120 Requirements: 1. Prepare a table showing the expected contribution for each of the nine possible outcomes (0.5 mark) 2. What is the Maximin, Maximax and Minimax Regret. Decision rules, using the information of the Binh Minh Company to explain your opinion (1.0 marks) 3. Explain the use of Expected values techniques in making decision (0.5 mark)