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 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. Hurwicz e. Equal likelihood
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 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. Hurwicz e. Equal likelihood
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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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
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. Hurwicz
e. Equal likelihood
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