Edwards Machine Tools needs to purchase a new machine. The basic mode is slower but costs less, whereas the advanced model is faster but costs more. Profitability will depend on future demand. The following table presents an estimate of profits over the next three years. Demand Volume Decision Low Medium High Basic model $90.000 $100.000 $160,000 Advanced model $60,000 $100,000 $195,000 A forecasting study determines that he probabilities of demand volume are Lon - 0,4 Medium = 0.4 High = 0.2. Using the techniques on decision analysis determine the expected value decision. Round your answers to the nearest dollar Expected profit for the basic model Expected profit for the advanced models The Select should be chosen using expected value criterion