2. For the upcoming planting season, Farmer McCoy can plant corn (a1)' plant wheat (a2), plant soybeans (a3)' or use the land for grazing (a4)' The payoffs associated with the different actions are influenced by the amount of rain: heavy rainfall (SI)' moderate rainfall

(S2), light rainfall (S3)' or drought season (S4).

The payoff matrix (in thousands of dollars) is estimated as

Transcribed Image Text:

51 Sz 53 34 a -20 60 60 30 30 -5 02 40 50 35 0 03 -50 100 45 -10 as 12 15 15 10