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 season. The farmer has categorized the amount of rainfall as high medium and low. His estimated profit for each is shown in the table. Rainfall Crop A Crop B Crop C High 8000 3500 5000 Medium 4500 4500 5000 Low 2000 5000 4000 Determine the various criterion from which the final decision has to be made. If the farmer wishes to plant only one crop, decide which wil be his choice using the following criterion: a. Maximax Criterion b. Maximin Criterion c. Hurwicz Criterion
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 season. The farmer has categorized the amount of rainfall as high medium and low. His estimated profit for each is shown in the table. Rainfall Crop A Crop B Crop C High 8000 3500 5000 Medium 4500 4500 5000 Low 2000 5000 4000 Determine the various criterion from which the final decision has to be made. If the farmer wishes to plant only one crop, decide which wil be his choice using the following criterion: a. Maximax Criterion b. Maximin Criterion c. Hurwicz Criterion
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 season. The farmer has categorized the amount of rainfall as high medium and low. His estimated profit for each is shown in the table.
Rainfall | Crop A | Crop B | Crop C |
High | 8000 | 3500 | 5000 |
Medium | 4500 | 4500 | 5000 |
Low | 2000 | 5000 | 4000 |
Determine the various criterion from which the final decision has to be made. If the farmer wishes to plant only one crop, decide which wil be his choice using the following criterion:
a. Maximax Criterion
b. Maximin Criterion
c. Hurwicz Criterion
d. Laplace Criterion
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