Question: A farmer needs to decide which crops to grow this year.According to theUS Department of Agriculture,there is 60%probability that the weather will be good this

A farmer needs to decide which crops to grow this year.According to theUS Department of Agriculture,there is 60%probability that the weather will be good this year and a 40%probability that the weather will be bad.The table below shows the payoffs for the different crops she is considering.

CropsGood (.60)Bad (.40)Potatoes$100,000.00$(30,000.00)Soy$80,000.00$(10,000.00)Corn$90,000.00$(2,000.00)If you applytheMaximindecisionrule, which crop would you decide to plant?

If you apply the Equally Likelydecision rule, which crop would you decide to plant?

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