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i. The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan. Michigan, plant or purchase the component part from a supplier. The resulting prot is dependent upon the demand for the product. The following payoff table shows the projected profit n thousands of dollars}: State of Nature Lew Demand Medllm Demand High Damned Decision Alternative .5. s; 5;. Manufacture. d. -2Ii 4|] I Pitcher. d1 ll] 45 Tl] The state-of-nathe probabilities are P1151) = 0.35, 1132] = [LEE and {1(33) = [1.3!]. a. Use expected value to recommend a decision. b. Use EVF'I to determine whether German should attempt to obtain a better estimate of demand