State of Nature (State of the Economy) Recession Stable Expansion Production You are called on to decide how your company should produce its new cell phone screen defroster (for use by skiers and others spending time out of doors in the Out-Source 230 340 290 In-House 170 240 370 cold). You develop a cost matrix ($000's), shown to the right. Complete parts a and b. a) Suppose P(Recession) = 0.3, P(Stable) = 0.3, and P(Expansion) = 0.4. What is the expected value of each action? EV(Out-Source) = thousand dollars EV(In-House) = thousand dollars