0. You must clearly mark every row, column, and cell in your work. 1. Contruct a payoff table. Make sure rows represent alternatives (order quantity, 200, 400, 1400, ,3000 ) and columns outcome of random event (demand 250, 300, ..., 3000). falculate the payoif using a Newswendor modet onvo a two-way data table. Calculate the probability marginal prob. (mild winter 50% ) and conditional prob. (demand 250 given weather is mild 500 ). 2. Set up the payoff table. Calculate the expected pay off for each order quantity using SUMPRODUCT(), highlight the highest expected pay off. Question 5 3.5 pts Midwestern Hardware must decide how many snow shovels to order for the coming snow season. Each shovel costs $15.00 and is sold for $29.95. No inventory is carried from one snow season to the next. Shovels unsold after February are sold at a discount price of $10.00. Past data indicate that sales are highly dependent on the severity of the winter season. Past seasons have been classified as mild or harsh, and the following distribution of regular price demand has been tabulated: Shovels must be ordered from the manufacturer in lots of 200 ; thus, possible order sizes are 200,400 , 1,400,1,600,2,400,2,600, and 3,000 units. Construct a payoff table to illustrate the components of the decision model, and find the optimal quantity for Midwestern to order if the forecast calls for a 40% chance of a harsh winter.Show your work on worksheet Hardware. 0. You must clearly mark every row, column, and cell in your work. 1. Contruct a payoff table. Make sure rows represent alternatives (order quantity, 200, 400, 1400, ,3000 ) and columns outcome of random event (demand 250, 300, ..., 3000). falculate the payoif using a Newswendor modet onvo a two-way data table. Calculate the probability marginal prob. (mild winter 50% ) and conditional prob. (demand 250 given weather is mild 500 ). 2. Set up the payoff table. Calculate the expected pay off for each order quantity using SUMPRODUCT(), highlight the highest expected pay off. Question 5 3.5 pts Midwestern Hardware must decide how many snow shovels to order for the coming snow season. Each shovel costs $15.00 and is sold for $29.95. No inventory is carried from one snow season to the next. Shovels unsold after February are sold at a discount price of $10.00. Past data indicate that sales are highly dependent on the severity of the winter season. Past seasons have been classified as mild or harsh, and the following distribution of regular price demand has been tabulated: Shovels must be ordered from the manufacturer in lots of 200 ; thus, possible order sizes are 200,400 , 1,400,1,600,2,400,2,600, and 3,000 units. Construct a payoff table to illustrate the components of the decision model, and find the optimal quantity for Midwestern to order if the forecast calls for a 40% chance of a harsh winter.Show your work on worksheet Hardware