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A farmer wants to decide which of the three crops he should plant on his 100 acres farm. The profit from each is dependent on
A farmer wants to decide which of the three crops he should plant on his 100 acres farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is show in Table 1: Table 1. Payoff table of the amount of rainfall Crop High Medium Low 8000 4500 2000 3500 4500 5000 5000 5000 4000 Find the best decisions with the payoff value using Equal Likelihood approach
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