Senior management at Humber bakery requested a new analysis based on adjusting the selling price and the number of units produced under each production plan. Initial probability estimates are also updated. Resulting gross profits ($) and state of nature probabilities are given in the following payoff table.

	Low Demand	Medium Demand	High Demand
Light Production	24,200	36,800	36,800
Moderate Production	6,000	43,800	48,000
Heavy Production	-43,400	-5,600	70,000
Probability	0.5	0.1	0.4

The new analysis also necessitated updating the offer made to Bramptinos under the heavy production plan. If Humber chooses the heavy production plan, the probability that Bramptinos will accept the new offer is 26% and the associated gross profit is determined to be $73,500. Again here, if Bramptinos declines the offer, the loaves will still sell based on current demand conditions (low, medium, or high). Use the decision tree along with the payoffs and probabilities provided on this page, to construct a decision tree for the problem. I. No Sample Information What is the expected monetary value and associated decision for the optimal alternative? Max EMV = $ The optimal decision is Select an answer Light or Moderate Light Moderate Moderate or Heavy Light or Heavy Indifferent Heavy production. II. Sample Information As noted earlier, Humber is considering hiring Professor Leung to conduct a market research survey. It is now determined that the results of the survey will indicate an unfavourable market condition with 57% chance. Otherwise, it will indicate a favourable market condition. If the survey provides a favourable outlook, the revised probabilities of high and medium demand are 0.49 and 0.28 respectively. If unfavourable, the probabilities calculated for low and high demand are 0.49 and 0.21 respectively.

Using the given sample information, use a multistage decision tree to help with this problem

a.) What is the best expected monetary value and associated decision under a favourable survey outcome? Max EMV = $ Thus, The optimal decision isSelect an answer: Moderate Light or Heavy Heavy Light Moderate or Heavy Indifferent Light or Moderate production.

b.) What is the best expected monetary value and associated decision under an unfavourable survey outcome? Max EMV = $ Thus, The optimal decision isSelect an answer: Moderate or Heavy Light or Heavy Indifferent Moderate Heavy Light Light or Moderate production.

c.) What is the expected value with the sample information? EV with SI = $

d.) What is the expected value of the sample information (EVSI)?

EVSI = $

e.) What is the optimal decision strategy if Professor Leung's consulting fees were $4112.

Select one answer from list below: (Multiple choice)

- Do not conduct the market survey and choose the Heavy plan.

- Conduct the market survey. If favourable, choose the Moderate plan. If unfavourable, choose the Heavy plan.

- Do not conduct the market survey and choose the Light plan.

- Do not conduct the market survey and choose the Moderate plan.

-Conduct the market survey. If favourable, choose the Heavy plan. If unfavourable, choose the Moderate plan.

-Conduct the market survey. If favourable, choose the Moderate plan. If unfavourable, choose the Light plan.

-Conduct the market survey. If favourable, choose the Light plan. If unfavourable, choose the Heavy plan.

- Conduct the market survey. If favourable, choose the Light plan. If unfavourable, choose the Moderate plan.

-Conduct the market survey. If favourable, choose the Heavy plan. If unfavourable, choose the Heavy plan.

Please Help me solve this question