As a farmer, you have three choices in making a purchase decision. You have access to information as exhibited in Table 1, please make a purchase decision and explain why you make the decision you made. Purchase Strategy Buy 300 Buy 400 Buy 500 Weather Outcomes Probability Good Average Poor 0.2 0.5 0.3 $20,000 $26,000 $34,000 10,000 14,000 15,000 6,000 0 -10,000 Expected Value Minimum Value Maximum Value Range 10,800 6,000 20,000 14,000 12,200 0 26,000 26,000 11,300 -10,000 34,000 44,000 As a farmer, you have three choices in making a purchase decision. You have access to information as exhibited in Table 1, please make a purchase decision and explain why you make the decision you made. Purchase Strategy Buy 300 Buy 400 Buy 500 Weather Outcomes Probability Good Average Poor 0.2 0.5 0.3 $20,000 $26,000 $34,000 10,000 14,000 15,000 6,000 0 -10,000 Expected Value Minimum Value Maximum Value Range 10,800 6,000 20,000 14,000 12,200 0 26,000 26,000 11,300 -10,000 34,000 44,000