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 EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally-likely pay-off in each crop, comparison and the right choice)

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 EQUALLY-LIKELY rule, prove your judgement by comparing the average pay-offs for each crop. (Indicate the equally-likely pay-off in each crop, comparison and the right choice)

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.5: The Binomial Theorem

Problem 13E

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