Question 2 RCS electronics foresees that it needs to design a new type of solid-state Relay. The market forecast is for 200,000 units. The more advanced the design strategy and the more effort spent on design engineering, the less will be the variables costs. The following costs are estimates of the initial and variable costs associated with each of the 3 potential strategies: Low-technology: This option has a fixed cost of $45,000 and variable-cost probabilities of 0.3 for $0.55, 0.4 for $0.50 and 0.3 for $0.45 each. Sub-contract: This has a fixed cost of $65,000 and variable-cost probabilities of 0.7 of $0.45.0.2 of $0.40 and 0.1 of $0.35. 111) High-technology approach: This has a fixed cost of $75,000 and variable-cost probabilities of 0.9 of $0.40 and 0.1 of $0.35 (a) Given the formula for total cost is TC = FC + VC (Fixed cost + Variable cost), what is the best decision based on an expected monetary value (EMV) criterion by using tree diagram? (10 marks) Describe and explain the advantages and disadvantages of Expected monetary value (EMV) analysis. (10 marks) (c) Elaborate your overall opinion on EMV. (5 marks) (b)