Farmer McCoy can plant either corn or soybeans. The probabilities that the next harvest prices will go
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Farmer McCoy can plant either corn or soybeans. The probabilities that the next harvest prices will go up, stay the same, or go down are .25, .30, and .45, respectively. If the prices go up, the corn crop will net $30,000 and the soybeans will net $10,000. If the prices remain unchanged, McCoy will (barely) break even. But if the prices go down, the corn and soybeans crops will sustain losses of $35,000 and $5000, respectively.
(a) Represent McCoy’s problem as a decision tree.
(b) Which crop should McCoy plant?
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ab Corn Soybean U 25 S 30 ...View the full answer
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