4. Howard Weiss, Inc., is considering building a sensitive new radiation scanning device. His managers believe that there is a probability of 0.45 that the ATR Co. will come out with a competitive product. If Weiss adds an assembly line for the product and ATR Co. does not follow with a competitive product, Weiss's expected profit is $50,000 if Weiss adds an assembly line and ATR follows suit, Weiss still expects $15,000 profit. If Weiss adds a new plant addition and ATR does not produce a competitive product, Weiss expects a profit of $600,000 ATR does compete for this market, Weiss expects a loss of $100,000 a) Expected value for the Add Assembly Line option = $ (enter your answer as a whole number). Expected value for the Build New Plant option = $ (enter your answer as a whole number). The alternative that provides Weiss the greatest expected monetary value (EMV')is (1) The value of the return under this decision is $ (enter your answer as whole number) b) The expected value of perfect information (EPI) for Weiss = $ (enter your answer as a whole number). 1: Definition The EMV for an alternative is the sum of all possible payoffs from the alternative, each weighted by the probability of that payoff occurring 2: Definition The difference between the payoff under perfect information and the payoff under risk. (1) O Build New Plant Add Assembly Line