Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in the discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made.

I have two questions about Short-Run Costs of A Production:A.Short-Run Costs of A Production Schedule. Calculate Table OUTPUT TFC TVC TC MC AFC AVC ATC 0 200 0 1 200 175 2 200 300 3 200 500 4 200 800 5 200 1,200 6 200 1,700 7 200 2,300 Determine the following:1. What is the behavior of the TC as Output increases? Answer the same question in regard to the TFC. Why the difference?What do the AFC, AVC and ATC curves do as regards increases in output? IsWhat does the MC curve do with regard to Output? Why? What is the there a difference in the AFC? Why? relationship between the MC curve and ATC, AVC curves? Would this be important information for the Producer? B.Short-Run Cost of Production Schedule โ€“ Product X(Perfect Competition) OUTPUT TFC TVC TC MC AVC ATC 0 200 0 1 200 175 2 200 300 3 200 500 4 200 800 5 200 1,200 6 200 1,700 7 200 2,300 (A)Assume price = $250; calculate total profit/loss using TR โ€“ TC method.(B)Calculate Output using the formula: Profit = (Price โ€“ ATC) x Q(C)Calculate Output using the formula: Profit = (Price โ€“ ATC) x Q(D)Calculate Output using the formula: Profit = (Price โ€“ ATC) x Q(E)Use price schedule to determine Qโ€˜s. (Repeat the process for prices $350, $450,, $550, and $650 before presenting all the output computed at different price levels in the table below.(F)What does short-run cost model tell you about the behavior of the firm in regard OUTPUT TR TC PROFIT/LOSS 0 1 2 3 4 5 6 7 Hint: construct a new table to find new output at the different levels of ATC values (in first table) and profit in table 2 when price is $250.Hint: construct a new table to find new output at the different levels of ATC values (in first table) when price is $180. Also find new profit/loss values first.Hint: construct a new table to find new output at the different levels of ATC values (in first table) when price is $140. Also find new profit/loss values first.to MC and Price?