The expected monetary value, or EMV, for any decision is a weighted average of the possible payoffs for this decision, weighted by the probabilities of the outcomes. Decision $1$: Payoff$/$Cost per alternative of $$50,000,$ $$10,000-$$$5,000$ with probabilities respectively of $0\mathrm{.}1,0\mathrm{.}2,0\mathrm{.}7.$Decision $2$: Payoff$/$Cost per alternative of $$5,000,-$$$1,000$ with probabilities respectively of $0\mathrm{.}6$ and $0\mathrm{.}4.$Decision $3$: A fixed Payoff$/$Cost of $$3,000.$a$.$Draw a decision tree.b$.$Create a decision payoff table and calculate the EMV.c$.$Make decision recommendation. What are the risks?$2.$Objective: To use the EMV criterion to help Acme decide whether to go ahead with the product. Acme$$s cost accountants estimate the monetary inputs: the fixed costs $($$$6,000)$ and the unit margin $($$$18).$ The uncertain sales volume is really a continuous variable but, as in many decision problems, Acme has replaced the continuum by three representative possibilities: great $(45\%)600,000$ units, fair $(35\%)300,000$ units, and awful $(20\%)90,000$ units. a$.$Draw a decision tree.b$.$Create a decision payoff table and calculate the EMV.c$.$Make decision recommendation. What are the risks?