A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the table. If the farmer wishes to plant only one crop, decide which will be his choice using the EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally-likely pay-off in each crop, comparison and the right choice)
A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the table. If the farmer wishes to plant only one crop, decide which will be his choice using the EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally-likely pay-off in each crop, comparison and the right choice)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the table. If the farmer wishes to plant only one crop, decide which will be his choice using the EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally-likely pay-off in each crop, comparison and the right choice).

Transcribed Image Text:ALTERNATIVE
CROP A
CROP B
CROP C
PROBABILITY
HIGH
8000
3500
5000
0.3
MEDIUM
4500
4500
5000
0.5
LOW
2000
5000
4000
0.2
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