QUESTION 6 Expected value Applied to Business Application (20 points) 30 minutes on slide A Manufacturing Company must make a decision regarding the level of sales and dedication to a new product. There are 2 possible decisions to be evaluated. The potential cost for cach decision alternative depends on the raw material's price which may be high or low. If raw material's price is high, each of the two decision altematives, di and d2, will yield a cost of 300 and 250 thousand dollars respectively. If the price turns out to be low, then the costs will be 170 and 190 thousand dollars respectively The prior probability estimates of price to be high and low are 0.4 and 0.6 respectively. The company first needs to decide whether to run the market research study to obtain more accurate information regarding the future price levels. . Graph the decision tree and state the decision strategy using the following probabilities: (6 and 10 points) P(F) -0.65 P(low F) - 0.8 P(low U)-0.5 P(High) -0.4 P(U) = 0,35 P(High F) -0.2 P(High(U)-0.5 P(Low) -0.6 Calculate the value of the market research study. (4 points)