3 Farmer Jones must determine whether to plant corn or wheat. If he plants corn and the weather is warm, he earns

$8,000; if he plants corn and the weather is cold, he earns

$5,000. If he plants wheat and the weather is warm, he earns $7,000; if he plants wheat and the weather is cold, he earns $6,500. In the past, 40% of all years have been cold and 60% have been warm. Before planting, Jones can pay

$600 for an expert weather forecast. If the year is actually cold, there is a 90% chance that the forecaster will predict a cold year. If the year is actually warm, there is an 80%

chance that the forecaster will predict a warm year. How can Jones maximize his expected profits? Also find EVSI and EVPI.