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American Emergency Vehicles (AEV) is considering whether to expand its ambulance manufacturing business to one of two international markets, both, or neither. - International expansion costs are $8.8 million in Market 1. - International expansion costs are $10.8 million in Market 2. - The total cost of expansion is the sum of the two if expanding to both markets. - No costs are incurred if expanding to neither market. - The probability the economy is strong is 0.36 ; the probability the economy is weak is 0.22 ; otherwise, the economy is fair with probability =10.360.22 The estimated revenue earned for each strategy depends on the state of the global economy as provided in the following table. Draw a decision tree to represent this decision-making scenario under uncertainty. Calculate the EMV (expected monetary value) for all 4 strategies. - Be sure to calculate the expected net profit (=revenue-cost) for each decision and not just the expected revenue using only the values from the table. Enter the expected monetary value (EMV) for the preferred strategy of the 4 options. - Enter your final answer in millions of dollars rounded to one decimal place. - Express your final answer in the same unit that the costs and revenues above are given - there is no need to convert the unit from millions to thousands or millions to dollars. - Carry all calculations to at least 3 decimal places. American Emergency Vehicles (AEV) is considering whether to expand its ambulance manufacturing business to one of two international markets, both, or neither. - International expansion costs are $8.8 million in Market 1. - International expansion costs are $10.8 million in Market 2. - The total cost of expansion is the sum of the two if expanding to both markets. - No costs are incurred if expanding to neither market. - The probability the economy is strong is 0.36 ; the probability the economy is weak is 0.22 ; otherwise, the economy is fair with probability =10.360.22 The estimated revenue earned for each strategy depends on the state of the global economy as provided in the following table. Draw a decision tree to represent this decision-making scenario under uncertainty. Calculate the EMV (expected monetary value) for all 4 strategies. - Be sure to calculate the expected net profit (=revenue-cost) for each decision and not just the expected revenue using only the values from the table. Enter the expected monetary value (EMV) for the preferred strategy of the 4 options. - Enter your final answer in millions of dollars rounded to one decimal place. - Express your final answer in the same unit that the costs and revenues above are given - there is no need to convert the unit from millions to thousands or millions to dollars. - Carry all calculations to at least 3 decimal places