Farmer Jones must determine whether to plant corn orwheat. If he plants corn and the weather is warm, he earns$8,000; if he plants corn and the weather is cold, he earns$5,000. If he plants wheat and the weather is warm, heearns $7,000; if he plants wheat and the weather is cold, heearns $6,500. In the past, 40% of all years have been coldand 60% have been warm. Before planting, Jones can pay$600 for an expert weather forecast. If the year is actuallycold, there is a 90% chance that the forecaster will predicta cold year. If the year is actually warm, there is an 80%chance that the forecaster will predict a warm year. Howcan Jones maximize his expected profits? Also find EVSIand EVPI.

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