The new business venture, Best in World, has been manufacturing technology devices for over 20 years and is considering adding a new technology device to its music line. They have an established reputation for building quality devices but they are rather novice in the music industry. The Chief innovation and Design Officer, julle Naugle Hall, is tasked with hiring a marketing firm to conduct a survey to determine the feasibility and demand for their new music device. The follow decision table illustrates the potential payofts for a high demand, moderate demand and low demand for the new music device. The decision will be whether to start production on this new device in small scale, large scale or not at all Alternatives Small-scale production Large-scale production No production Probabilities Decision Table State of Nature High Demand Moderate Demand 800,000 200,000 1.500,000 500,000 0 0 0.30 0.25 Low Demand - 200,000 - 1,000,000 0 0.45 Step 3 of 3: How much should julie be willing to pay a marketing firm to conduct the survey for probability Information regarding the feasibility and demand for the new music device? Answer Tables Keyboard Shortcuts