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a. Professors M. Boehlje and V. Ei probabilities can be used to calcu for output. A farmer at the beginr determining an expected value fo outcomes were uncertain would

a. Professors M. Boehlje and V. Ei probabilities can be used to calcu for output. A farmer at the beginr determining an expected value fo outcomes were uncertain would

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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a. Professors M. Boehlje and V. Eidman in their book Farm Management described a way that in budgeting, probabilities can be used to calculate expected values for uncertain variables such as crop yields and prices for output. A farmer at the beginning of the year is going to use the calculation of probabilities for determining an expected value for the yield of a crop of Maize. The expected value of a project E(O) whose outcomes were uncertain would be calculated as: n E(Oj) = P(qi) Oij l = 1 where: n E(Oj) is the sum of the subjective or personal probabilities, P(ai) for l = 1 each event-action combination Oij occurring. For the best season of 1 year out of 10, a farmer believes the yield of maize could be 6 tonnes per hectare. For a good season, the yield could be 5.5 tonnes per hectare for 3 years out of 10. For the most likely season, the yield could be 5 tonnes per hectare in 4 years out of 10. For a poor season, the yield could be 1 tonne per hectare in 1 year out of 10. For the very worst season, the yield could be 0.5 tonnes per hectare in 1 year out of 10. Calculate the expected yield for maize that would be used in the budget
Transcribed Image Text:a. Professors M. Boehlje and V. Eidman in their book Farm Management described a way that in budgeting, probabilities can be used to calculate expected values for uncertain variables such as crop yields and prices for output. A farmer at the beginning of the year is going to use the calculation of probabilities for determining an expected value for the yield of a crop of Maize. The expected value of a project E(O) whose outcomes were uncertain would be calculated as: n E(Oj) = P(qi) Oij l = 1 where: n E(Oj) is the sum of the subjective or personal probabilities, P(ai) for l = 1 each event-action combination Oij occurring. For the best season of 1 year out of 10, a farmer believes the yield of maize could be 6 tonnes per hectare. For a good season, the yield could be 5.5 tonnes per hectare for 3 years out of 10. For the most likely season, the yield could be 5 tonnes per hectare in 4 years out of 10. For a poor season, the yield could be 1 tonne per hectare in 1 year out of 10. For the very worst season, the yield could be 0.5 tonnes per hectare in 1 year out of 10. Calculate the expected yield for maize that would be used in the budget
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