For $600, he could buy an expert weather forecast from CWD consulting.

Construct the appropriate decision tree to help the farmer make the appropriate decisions. This tree must be constructed in logical order with labels and net payoffs. It also includes the revised probabilities.Fold back the decision tree to determine the best strategy for the farmer; you must state this strategy. What is the final expected profit?

For $600, he could buy an expert weather forecast from CWD consulting. Construct the appropriate decision tree to help the farmer make the appropriate decisions. This tree must be constructed in logical order with labels and net payoffs. It also includes the revised probabilities.Fold back the decision tree to determine the best strategy for the farmer; you must state this strategy. What is the final expected profit? Conditional probability for a given state of nature where forecasts are either Good (G) or bad (B): That is: P (G|W) = 0.80; P (B|W) = 0.20;P (G|C) = 0.10; P (B|C) = 0.90