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James Boswell HI known as the "King of California" grows wheat on his family farm in California. However, due to unexpected droughts, unpredictable temperatures, and forest ?res, there is a signi?cant amount of risk involved. Throughout his 60+ years as a farmer, he has collected a lot of data that has helped him estimate his pro?t based on the amount of rainfall in a growing season. The larger the rainfall, the greater the pro?t. He estimates the following: I A 20% chance of "High Rainfall" generates $500,000 in pro?t a A 60% chance of "Moderately rainfall" generates $250,000 in pro?t a A 20% chance of a dlrought that generates a loss of $100,000 in pro?t
(a) What is James Boswell's expected pro?t from growing wheat?
(b) The Simplot family, a large grower of wheat in Iowa, is thinking of expanding into California and wants to buy Boswell's farm. Can you calculate the minimum amount that Boswell would accept to sell his farm? What factors should you take into account? Explain.
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