Determine the best crop to plant

Reference no: EM13264016

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 eaech crop, given the 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

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

a. Maximax

b. Maximin

c. Minimax regret

d. hurwiez (a=.3)

e. equal likelihood

Reference no: EM13264016

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