Problem #$1$

A farmer must decide whether to take protective action to limit damage to his grapefruit crop in the event that the overnight temperature falls to a level well below freezing. If the temperature drops too low he runs the risk of losing his entire crop, valued at $$75,000.$ Based on the National Weather Service, the probability of such a temperature drop is $60\%.$ He can insulate his crop by spraying water on all the trees, which will cost $$20,000.$ This action might succeed in protecting the crop, with the following possible outcomes:

$\backslash$table$[[$Probability$,$Damage$],[0\mathrm{.}30,$$$0$