Read the case in your Course Pack, Merck & Company: Evaluating a Drug Licensing Opportunity. Answer all questions from the viewpoint of Merck & Company as you help them evaluate the value of licensing the Davanrik drug. For all questions, you may assume that if the drug fails a trial, it will be automatically abandoned and if it succeeds, it will automatically proceed to the next stage, as outlined in the case. 4.1 Provide a simple list of all decisions and all chance events that Merck could expect to face in this process. You do not need to consider probabilities, revenues, or costs for this question. Answer: Enter your answer here. 4.2 Create a table to list each possible path and value of nal outcomes or endpoints. To do this, you will now need to consider the revenues and costs associated with each possible branch, but not probabilities. Answer: Enter your answer here. 4.3 To assign a value to the Davanrik drug, you would use the decision tree method we discussed in class to calculate the expected value to Merck of licensing the drug. Construct the decision tree and arrive at the value of licensing the Davanrik drug to Merck. Take a screenshot(s) of the model and any calculations, clearly illustrating and stating your conclusions. Answer: Enter your answer here. 4.4 From your analysis above, write a short paragraph stating your observations and make a recommendation to Merck's management team