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An agricultural business owner is considering four possible investments for the upcoming year: a new irrigation system, a high-tech greenhouse, purchasing additional farmland, or investing
An agricultural business owner is considering four possible investments for the upcoming year: a new irrigation system, a high-tech greenhouse, purchasing additional farmland, or investing in a crop diversification program. The success of each investment depends on the weather conditions for the year: favorable, average, or unfavorable. The payoff matrix below represents the estimated annual profit in thousands of dollars for each investment under each weather scenario. Payoff Matrix: Decision Favorable Average Unfavorable New irrigation system 175 100 -15 High-tech greenhouse 100 90 10 Additional farmland 250 80 -30 Crop diversification 90 75 -70 Question 19 (2 points) Which investment is the best decision based on the Maximin criterion
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