Profit $($$$1,000s)$

$($a$)$ Verify the company's profit projections shown at the ending branches of the decision tree by calculating the payoffs of $$2,610,000$ and $$610,000$ for first two outcomes, the outcomes extending from chance node $8.$

$($b$)$ What is the optimal decision strategy for the company?

Bid on the contract. Do not do the market research. Build the complex

Do not bid on the contract.

Bid on the contract. Do the market research. If the forecast is high, build the complex. If the forecast is moderate, sell the rights in the project to another developer

Bid on the contract. Do not do the market research. Sell the rights in the project to another developer:

Bid on the contract. Do the market research. If the forecast is high, sell the rights in the project to another developer. If the forecast is moderate, build the complex.

What is the expected profit $($in $ $)$ for this project?

$$

$($c$)$ What would the cost $($in $ $)$ of the market research study have to be before the company would change its decision about conducting the study?

$