Use the following payoff matrix from different corn varieties under different weather conditions to answer questions 1-9.

		Net Return for Each Corn Variety
Weather Outcomes	Probability	Variety A	Variety B	Variety C
Good	0.1	$800	$750	$880
Average	0.5	$725	$740	$675
Poor	0.4	$600	$600	$620

Which variety has the largest range?

What is the expected value of Variety C?

Which variety would you chose if you were using the most likely outcome decision rule?

Which variety would you chose if you were using the maximum expected value decision rule?

Which variety would you chose if you were using the risk and returns comparison decision rule?

Which variety would you chose if you were using the safety-first decision rule?

For questions 7-9 assume that the weather outcomes are all equally likely.

What is the simple average of Variety A?

What is the standard deviation of Variety A? Recall s= sqrt(((x_i-x_bar)²)/(N-1))

What is the coefficient of variation of Variety A?