Determine best crop to plant using decision criteria

Reference no: EM13148132

A farmer in Georgia 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 the two possible results on the trade bill is shown in the following

payoff table.
Trade Bill
Pass
Fail

Crop Corn Peanuts Soybean
$35,000 18,000 22,000
$ 8,000 12,000 20,000

Determine the best crop to plant using the following decision criteria.

a. Maximax
b. Maximin
c. Minimax regret
d. Hurwicz (α = .3)
e. Equal likelihood

Reference no: EM13148132

Questions Cloud

Make forecast using a trend model-fit several trend models : Make a forecast for 2005, using a trend model of your choice or a judgment forecast. Discuss. Note: Time increments are 5 years, so use t = 6 for your 2005 forecast.

What mass of water would need to evaporate : What mass of water would need to evaporate from your skin in order to dissipate 1.7 × 105 J of heat from your body? H2O(l) → H2O(g) ΔHvap = 40.7 kJ/mol

Shareholders in the annual report : Write a report in which you present the main idea(s) you think the company should present to shareholders in the annual report. Also, include an explanation of how you would present these ideas to the stakeholders.

Transactions in the divorce agreement affect : In 2010, he made six payments. How do the transactions in the divorce agreement affect Arnold's and Barbara's taxable income.

Determine best crop to plant using decision criteria : The profit the farmer will realize from each crop given the two possible results on the trade bill is shown in the following. Determine the best crop to plant using the following decision criteria.

Describe how c4 plants are able to fix carbon dioxide : Describe how C4 plants are able to fix carbon dioxide in the process of photosynthesis with little or no photorespiration in the heat of summer, while C3 plants have significant amounts of photorespiration under similar conditions.

What is the equity at the end of year : At the begining of the year , Addison Company's assets are 259,000 and it's equity is 194,250. During the year ,assets increased 80,000 and liabilities increase 52,643. What is the equity at the end of the year?

Describe the cohesion tension theory : Describe the cohesion tension theory that enables water and dissolved minerals to be transported through dicot plants. You should also describe how water and dissolved minerals enter dicot plant roots.

How much is the cost per machine : Beginning work in process totaled $15,000, and the ending balance is $9,000. During the year, the company completed 40 machines. How much is the cost per machine?

User Account

All Pages