1. A farmer wants to decide which crop should be planted among three crops, on his...

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1. A farmer wants to decide which crop should be planted among three crops, on his 100- acre farm. The expected outcome of each crop under different environment is given below: Estimated Conditional Profit, Under Rainfall Crops High Crop A 8000 Crop B 6500 Crop C 5000 PAIS Medium 4500 4500 5000 Low 2000 5000 4000 Solve above decision making problem using following criterion. Maximax Criterion (Criterion of Optimism) Hurwicz Criterion (Criterion of Realism) assumes suitable coefficient. 1. A farmer wants to decide which crop should be planted among three crops, on his 100- acre farm. The expected outcome of each crop under different environment is given below: Estimated Conditional Profit, Under Rainfall Crops High Crop A 8000 Crop B 6500 Crop C 5000 PAIS Medium 4500 4500 5000 Low 2000 5000 4000 Solve above decision making problem using following criterion. Maximax Criterion (Criterion of Optimism) Hurwicz Criterion (Criterion of Realism) assumes suitable coefficient.

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Based on the decisionmaking problem presented in the image a farmer must decide which of three crops to plant based on expected profits under varying ... View the full answer