A farmer in Holland must decide which crop to plant next season: wheat, corn, or barley. The return on each will be determined by weather conditions. The profit the farmer will realize from each crop, given the weather conditions, is shown in the following table.

State of Nature Good Bad Wheat $100,000 $32,000 Corn 60,000 40,000 Barley 80,000 20,000 Determine the best crop to plant according to the following decision criteria.

a. Maximax

b. Maximin

c. Minimax regret

d. Hurwicz (α = .4)

e. Equal likelihood LO.1