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farmer wants to decide wh

farmer wants to decide wh

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 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 MAXIMIN rule, prove your judgement by comparing the maximin pay-offs for each group. (Indicate the maximin pay-off in each crop, comparison and the right choice).

Alternative Crop A Crop B Crop C PROBABILITY Rainfall Medium 3500 3500 4500 0.5 High 7000 2000 4500 0.3 Q Zoom Low 1500 6000 4000 0.2
Transcribed Image Text:Alternative Crop A Crop B Crop C PROBABILITY Rainfall Medium 3500 3500 4500 0.5 High 7000 2000 4500 0.3 Q Zoom Low 1500 6000 4000 0.2
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