I. Use the following information to answer multiple-choice Questions 1 to 10. An engineer develops a new product. Having made the product, he/she has three choices. He/she can either manufacture the product or allow someone else to make it and be paid on a royalty basis, or alternatively, he/she can sell the rights to receive a lump sum. The profit that can be expected depends on the level of sales with the corresponding probabilities, shown in the table QI below, in thousands of 's. Manufacture Take Royalties Sell all rights High Sales. Medium Sales. (Probability=0.2) 160 80 100 60 40 40 Table QI Low Sales. (Probability=0.3) -40 20 40 9. Continuing from Question 8 above, the problem produces the following Expected Monetary Values (EMV), in thousands of Pounds, at the chance nodes: a) 160, 66, 20, 5 b) 60, 56, 40 c) 60, 40, 54 d) 20, 28, 20, 12 10. In order to maximise the profit, a survey will help determine the likely level of sales (high, medium, low). What is the maximum amount that the company should be prepared to pay for this survey? a) 30,000 b) 18,000 c) 42,000 d) 24,000