tables below. Management has 3 options for lot sizing in their procurement strategy. Based on the eventual market demands, the profits are given in the table. PAYOFF TABLE High Demand Moderate Demand Low Demand Small Lot 100 100 80 Medium Lot 300 150 -50 Large Lot 550 75 -450 Relative Frequencies P1 P2 P3 Determine the expected value (EMV) if the Medium Lot size is selected. The historical relative frequencies associated with the market demands is given as: P1 = 0.23 P2 = 0.3 (Assume that the 3 market demands in the table represent ALL possible outcomes. ) Round your answer to one decimal place, if applicable