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37 A farm owner in upstate New York who grows summer vegetables (e.g. tomatoes) must decide whether to employ additional pickers this season. The farmer

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37 A farm owner in upstate New York who grows summer vegetables (e.g. tomatoes) must decide whether to employ additional pickers this season. The farmer has created the following payoff table to summarize the situation. Suppose the farmer's almanac predicts the probability of a good growing season this year to be 0.75. Based on the expected value approach, which hiring option the farmer should take? on Growing Season Good Bad Migrant Workers $75,000 $25,000 Teenagers $60,000 Hiring $30,000 Decision No Extra Hiring $50,000 $35,000

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