Star Company's manager, Tom, is thinking about production of a new product. Tom is considering three different products. Tom would like to select a product with highest profit. Following table contains the expected selling price and costs for each product: Tom expects the same demand for all three products. Require: Review Chapter 3 Appendix in text book, the PP slides and video for Chapter 3 Appendix and answer the following. Require: Review Chapter 3 Appendix in text book, the PP slides and video for Chapter 3 Appendix and answer the following. Step 1: Identify a choice criterion. Step 2: Identify the set of alternative actions that can be taken. Step 3: Identify the set of events that can occur. Step 4: Assign a probability to each event that can occur. Step 5: Identify the set of possible outcomes. Calculate the expected value for each option