Q1) Probability Problem (20 points) Mr. Smart needs to make a decision on choosing a retailer from two potential retailers who sells Kitchen Stand Mixers in two separate markets. To make this decision, Mr. Smart collects the demand data of these two markets in the past 7 years (refer to Table 1 for the data). Table 1 Demand 1 Demand 2 120 80 90 120 110 135 130 150 100 160 140 105 150 90 Now we consider two cases: 1. If Mr. Smart is only interested in the "good" case in which demand > 150, he would compare the two demands by checking which demand has a higher chance to be in the "good" case. Then what is Mr. Smart's preference? 2. If Mr. Smart is only interested in the "bad" case in which demand s 90, he would compare the two demands by checking which demand has a lower chance to be in the bad case. Then what is Mr. Smart's preference? 3. From the above two cases, what can you say about Mr. Smart's preference