If you could show the math/work that would be really helpful

Steve and Wes have been investigating new, larger locations for their central kitchen (they have outgrown their current space). They have identified 3 locations for final consideration and have developed a payoff table (on Page 2) that identifies COSTS for various levels of demand (low, moderate and high). They have also estimated that the probability of low demand is 30% and high demand is 60%. For Completion on Page 2: Using the COST payoff table and likelihoods provided, determine: Maximin choice Maximax choice Laplace choice EMVs for each option Be sure to answer questions as shown as well. COST Demand Location Payoff Table Low Moderate High 9 105,000 60,000 30,000 R 20,000 50,000 115,000 s 12,000 80,000 120,000 1. Assume no probabilities are available with the data above (2 pts each): a. What is the MAXIMIN choice? State location AND $ value. Choose: b. What is the MAXIMAX choice? State location AND $ value. Choose: c. What is the LaPLACE choice? State location AND $ value. Choose: 2. Assume the probability for of low demand is 30% and high demand is 60%. What is the EMV for Q? Answer (2 pts): $ Answer (2 pts): $ 3. Assume the probability for of low demand is 30% and high demand is 60%. What is the EMV for R? Answer (2 pts): $2 4. Assume the probability for of low demand is 30% and high demand is 60%. What is the EMV for S? 5. Considering just the EMVs, which location would you recommend? Answer (1 pt): 6. Wes and Steve can hire a firm to more accurately predict demand (perfect information). It will cost $50,000 and results can be delivered in an acceptable timeframe. Would you recommend that they hire the firm? MUST SHOW MATH TO SUPPORT YOUR ANSWER (Math: 4 pts, Answer 1 pt) Math Work: Answer: YES NO