Detailed explanation to decision analysis

Assignment Help Basic Statistics

Reference no: EM1393907

A farmer in South Carolina must decide which crop to plant next year on his land: corn, peanuts, or soybeans. The return from each crop will be determined by whether a new trade bill with Russia passes the Senate. The profit the farmer will realize from each crop, given two possible results on the trade bill, is shown in the following payoff table:

Trade Bill

Crop Pass Fail

Corn $35,000 $8,000

Peanuts 18,000 12,000

Soybeans 22,000 20,000

a. Maximax

b. Maximin

c. Minimax Regret

Reference no: EM1393907

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