1. Your company is trying to decide whether to develop a prototype for a new piece of equipment. Based on the information in the figure (decision tree) below, calculate the Expected Monetary Value (EMV) for the decision to prototype or not to prototype in the decision tree and determine which decision is cheaper based on the EMV. Decision tree: box represents a decision that needs to be made; circle represents the potential outcomes from a decision. Product Failure: Prototype: 40% probability of failure Initial cost of setting and corresponding up product prototype $200,000 impact to project. is $350,000 Product Passes: No impact. To prototype new product or not. Product Failure: 75% probability of failure Do NOT Prototype: and corresponding Initial cost is $0 $650,000 impact to project. Product Passes: No impact. Answer (show all work): a. EMV to Prototype: b. EMV to NOT Prototype: c. Which decision is cheaper