The head of operations for a movie studio wants to determine which of two new scripts they should select for their next major production. (Due to budgeting constraints, only one new picture can be undertaken at this time.) She feels that script #1 has a 70 percent chance of earning about $10,000,000 over the long run, but a 30 percent chance of losing $2,000,000. If this movie is successful, then a sequel could also be produced, with an 80 percent chance of earning $5,000,000, but a 20 percent chance of losing $1,000,000. On the other hand, she feels that script #2 has a 60 percent chance of earning $12,000,000, but a 40 percent chance of losing $3,000,000. If successful, its sequel would have a 50 percent chance of earning $8,000,000, but a 50 percent chance of losing $4,000,000. Of course, in either case, if the original movie was a "flop," then no sequel would be produced. a. What would be the total payoff if script #1 was a success, but its sequel was not? b. What is the probability that script #1 will be a success, but its sequel will not? c. What is the expected value of selecting script #1? d. What is the expected value of selecting script #2? e. Using expected monetary value, which alternative should be chosen? What is the expected value for the optimum decision alternative