You are evaluating a prospect for oil drilling. You have three options for participation in the field development. You can drill yourself; the drilling to a partner company; or back-in to the field if development is successful. (The back-in option is basically the option to participate that can be exercised after you know whether the field will be productive.) The payoffs of each option differ depending on whether the field is productive or is dry. The table below shows the payoffs for each participation option under each productivity outcome. Let p be the probability that the field is a producer. Plot the Expected Monetary Value of each participation option as a function of p. Under what circumstances should you choose each participation option