A farmer in Holland must decide which crop to plant next season: Wheat, corn, or Barley. The return on each will be determined by weather conditions. The profit the farmer will realize from each crop, given the weather conditions, is shown in the following table:
State of Nature
Wheat 100,000 32,000
Corn 60,000 40,000
Barley 80,000 20,000
Determine the best crop to plant according to the following decision criteria.
(c) Minimax Regret
(d) Hurwicz (alpha = .4)
(e) Equal likelihood
Solution depicts the steps to determine the best crop based upon different decision models.
Survey to determine crop yields
If I wanted to create a survey that would help me determine crop yields what would it look like?View Full Posting Details