a) bl If the probability that he gets the brochure job is 1/3, which decision will maximize his expected dollar return? Let PU) be the probability that he gets the brochure job. Plot the expected return for each decision as a function of PU) on the same axis What is the smallest value of PU) for which Phil Johnson should decide to go to LA. if he wishes to maximize his expected net dollar return? Assume that the purchasing agent for the brochure job has already decided who will receive the bid but Phil doesn't know the result. If Phil believes that P(J)=1/3, what is the maximum amount that Phil should pay to have this information? What would you call the quantity calculated in part g? The Occupational Safety and Health Administration (OSHA) has recently announced it will award an $85000 research grant to the person or company submitting the best proposal for using wireless communications technology to enhance safety in the coal mining industry. Steve Hinton, the owner of COM-TECH, a small communications firm located just outside of Raleigh, North Carolina, is considering whether or not to apply for this grant. Steve estimates he would spend approximately $5000 preparing his grant proposal and that he has about 50-50 chance of actually receiving the grant. If he is awarded the grant, he would then need to decide whether to use microwave, cellular, or infrared communications technology. He has some experience in all three areas but would need to acquire some equipment depending on which technology is used. The cost of the equipment needed for each technology is summarized as: Technology Equipment cost In addition to the equipment costs, Steve knows he will spend money in research and development {R610} to carry out the research proposal, but he does not know exactly what the R&D costs will be. For simplicity, Steve estimates the following best-case and worst-case R&D costs associated with using each technology, and he assigns probabilities to each outcome based on his degree of expertise in each area. Possible R&D costs [given that the grant is awarded) | Microwave | Cellular lnfrarprl cannon n 9 cannon n 1