Determine the best crop to plant, using the following decision criteria:a) Maximaxb) Maximinc) Minimax Regretd) Hurwicz (alpha = 0.30)e) Equal Likelihoodf) What coefficient of pessimism should a farmer have so that he is indifferent on his decision to either plant corn or peanuts? The return from each crop will be determined by whether a new trade with United States of America passes the Senate. The profitthe farmer will realize from each crop, given the two possible results on trade bill, is shown in the following payoff table.CropCornPeanutsSoybeansTrade BillPassPhP350,000180,000220,000Trade BillFailPhP80,000120,000200,000

NOTE: We are allowed to do the first three sub-parts only. Maximin:This is the most conservative…

Answered: Determine the best crop to plant, using…

Business

Operations Management

Determine the best crop to plant, using the following decision criteria: a) Maximax b) Maximin c) Minimax Regret

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter6: Optimization Models With Integer Variables

Section: Chapter Questions

Problem 40P

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