Verify Dante's profit projections shown at the ending branches of the decision tree by calculating the payoffs of $$2,650,000$ and $$650,000$ for first two outcomes. Are the profit projections correct?

Yes

$($b$)$ What is the optimal decision strategy for Dante, and what is the expected profit for this project? Enter your answer in thousands dollars. For example, an answer of $$200$ thousands should be entered as $200,000.$

Decision Strategy

Bid on the Contract

Do not do market research

Build the Complex

Expected Profit $=$ $

$20000000$

$($c$)$ What would the cost of the market research study have to be before Dante would change its decision about the market research study? Enter your answer in thousands dollars. For example, an answer of $$200$ thousands should be entered as $200,000.$

Market research cost would have to be lowered to $

or less to make undertaking the research desirable.