Question: need help decidinf which one would be the best strategy and why 1. The following table shows three stocker purchase strategies and respective outcomes. Weather

need help decidinf which one would be the best strategy and why
 need help decidinf which one would be the best strategy and

1. The following table shows three stocker purchase strategies and respective outcomes. Weather Outcomes Probability Strategy 1 Strategy 2 Strategy 3 Buy 300 Buy 400 Buy 500 0.2 0.5 0.3 $26,000 14,000 0 Good Average Poor Expected Value Minimum Value Maximum Value Range $20,000 10,000 6,000 10,800 6,000 20,000 14,000 12,200 0 26,000 26,000 $34,000 15,000 -10,000 11,300 -10,000 34,000 44,000 Which strategy would you choose and why? (No right or wrong answer, use words like risk preferences, expectation, etc.)

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