Question: This is a homework problem I missed but still need to know where I went wrong. Please help and show step by step. Thanks a

This is a homework problem I missed but still need to know where I went wrong. Please help and show step by step. Thanks a lot.

Chapter 5 Problem 1 Expected Monetary Value

Residents of Mill River have fond memories of ice skating at a local park.Joe, a local artist, has captured the experience in a drawing and is hoping to reproduce it and sell framed copies to current and former residents.He thinks that if the market is good he can sell 400 copies of the elegant version at $150 each.If the market is not good, he will sell only 300 at $100 each.He can make a deluxe version of the same drawing instead.He feels that if the market is good he can sell 500 copies of the deluxe version at $120 each.If the market is not good, he will sell only 400 copies at $90 each.Production costs will be approximately $25,000 for the elegant version and $20,000 for the deluxe version.He can also choose to do nothing.There is a 60% probability that the market is good and 40% probability that the market is not good.Does EMV analysis and make a recommendation based on your analysis what Joe should do.

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