Question: 4. Your coop manager has asked you for your input to determine the best decision for next year's agricultural operations. Investment choices and projected payoffs

4. Your coop manager has asked you for your input to determine the best decision for next year's agricultural operations. Investment choices and projected payoffs are listed below. (10 points) Payoff (SM) Decision Corn Sorghum Cotton Oats Cattle States of Nature - Feed prices Decline Stable Increase 1.4 0.8 3.6 1.7 2.3 2.0 1.2 1.1 1.4 0.7 1.3 0.5 3.2 1.5 4.6 a. Maximin b. Maximax c. Hurwicz (a=0.7) d. Equal likelihood

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