Refer to Problem 31. Use formulas from Section 11.2 to find the expected value of the game to the farmer. What is the expected value of the game to the farmer if the weather plays the strategy “dry” for many years and the farmer always plants soybeans?

Data from Problem 31

A farmer decides each spring whether to plant corn or soybeans. Corn is the better crop under wet conditions, soybeans under dry conditions. The following payoff matrix has been determined, where the entries are in tens of thousands of dollars.

Use linear programming and the simplex method to find optimal strategies for the farmer and the weather.

Formula from section 11.2

Transcribed Image Text:

Farmer Weather (fate) Wet Dry 8 4] 2 10 Corn Soybeans