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Your company has placed a bit for a contract with a major air conditioning manufacturer, but the decision will not be made for four months. It cost the manufacturer $10,000 to prepare and submit the bid. The possible states of nature and their probabilities of occurring are as follows: (1) Receive the full contract (30%), (2) Receive a partial contract (20%), or (3) No contract (50%). ideally you would like to be up and running when the contract decision is made, but in order to do that any parts or machinery that will be required for the completion of the contract must be ordered right away. Use the information in this problem and the blank decision tree to answer the questions Payoff Table Possible Outcomes ($1,000) Full Contract Partial Contract No Contract Full Retooling 850 400 350 Partial Retooling 550 350 150 No Retooling 300 150 *In the payoff table, a negative number() indicates loss. Use the information in this problem and the blank decision tree on the next page to answer the questions. Answers Questions What should you decide to do? What is the EMV for this problem? Fat Centras 4 Partial Contract Ful Reload 4 4 Contract 4 PC Partial Retool 4 4 Full Contract 4 Para Contact No Retooling 4 e Contract 4