Pao Ltd makes three products, PM i8, PQ i4 and PR i9. Due to limited resources, the management are now faced with choosing to make only one of the three products to meet customers' needs in the short term. Current information indicates the following possible pay offs for each product under three possible scenarios as shown below: Scenarios A B Probability 0.5 0.1 0.4 Expected payoffs () PM i8 PQ i4 120,000 60,000 50,000 30,000 110,000 -15000 PR i9 15,000 100,000 60,000 a) Calculate the expected value for each product and advice the management of Pao Ltd on which product to produce.