there is a 50% probability that the world price will be $10/bushel, a 40% probability that it will be $15/ bushel, and a 10% probability that it will be $20/bushel. His cost function is C(Q) = .02Q2. a. What is the expected price in the world apple market?Johnny reckons that, since P = $10 is the most likely outcome, it is in his best interest to choose the quantity of output under that assumption (P=$10). According to his logic, which output quantity should be chosen? Can you find a solution that is better than Johnny's? Provide all the specifics of your proposal. What is the quantity Johnny should produce?Can you find a solution that is better than Johnny's? Provide all the specifics of your proposal. What is the quantity Johnny should produce?Can you find a solution that is better than Johnny's? Provide all the specifics of your proposal. What is the quantity Johnny should produce?Generalize by formulating the best strategy for a firm facing uncertain demand