Data for Case Study 5.1 Probability Distribution for Repair Cost Type of Repair Probability Repair Cost (in $) None 0.76 Minor 0.13 80 Major 0.08 320 Catastrophic 0.03 500 In a report, use the above information to 1. Calculate and interpret the expected value of the repair cost. 2. Analyze the expected gain or loss for a consumer who buys the extended warranty. 3. Determine what kind of a consumer (risk neutral, risk averse, or both) will buy this extended warranty.