I need question $9-------------------------$Question $7$ to Question $10$ is based on this problem

or $$28$milion, respectively, after all drilling and extraction costs are paid. The company that wins the bid will drill an exploration well at the site for a cost of $$5$ millian.

reserve. Therefore the decision tree has $23-12$ terminal nodes $[$leawes$].$

If SAOC chooses the high bid of $$16$ million, EMC places a bid of $$10$ millien and the reserve at this site is large, what is the payoff for SAOC at the corresponding terminal node?

$$16$ milion

$$10$ mallion

$$99$ milion

$$104$ milion

$$120$ milion

a value different from all the above

Question $8$

$1pts$

$$7$ milion

$$10$ milion

$$2B$ milion

$$21$ milion

$$11$ milion

A value different from all the above

Question $9$

$1$ pts

What is the optimal decision according to the EMV criterion?

A$.$

SAOC chooses the high bid of $$16$ million.

B$.$

SAOC chooses the low bid of $$7$ million.

c$.$

SAOC does not make a bid.