Question: Answer the following with all steps Problem #3 Farmer McCoy can plant either corn or soybean. The probabilities that the next harvest prices of these

Answer the following with all steps

Problem #3 Farmer McCoy can plant either corn or soybean. The probabilities that the next harvest prices of these commodities will go up, stay de same or go down are .25, .30 and 0.45, respectively. If the processes go up, the corn crop will net $30,000 and the soybeans will net $10,000. If the prices remain unchanged, McCoy will (barely) break even. But if the prices go down, the corn and soybeans crops will sustain losses of $35,000 and $5,000 respectively. 1. Represent McCoy's problem as a decision tree 2. Which crop should McCoy plant? Instructions 1. Decision tree 3 points 2. Procedure 4 points 3. Result 2 points

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