Determine best crop to plant-maximax-hurwicz

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Reference no: EM13784906

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 20,00

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

a. Maximax

b. Maximin

c. Minimax regret

d. Hurwicz

e. Equal likelyhood

Reference no: EM13784906

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Determine best crop to plant-maximax-hurwicz : 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. Determine the best crop to plant, using the..

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