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SunFarms is a farm that produces different types of crops with 1,000 acres of arable land. The management team has decided to grow one crop

SunFarms is a farm that produces different types of crops with 1,000 acres of arable land. The management team has decided to grow one crop at a time during the whole season in all the arable area. The estimated crop yields and net incomes per bushel under various weather conditions is shown as follows:

Bushes per acre
Weather Carrot Patato Onion Garlic
Dry 20 15 30 40
Moderate 35 20 25 40
Damp 40 30 25 40
Income per bushel $1 $1.50 $1 $0.50

After reviewing the data from the past 50 years, the management team found that 15 of them were considered 'Dry', 25 were considered 'Moderate', and 10 of them were considered 'Damp'. Please do the following: 1. Determine: Decision maker, alternatives, states of nature, prior probabilities, and payoffs of the described situation 2. Apply the four discussed criteria and determine the choice for each of them 3. Construct and solve the decision tree 4. Perform a sensitivity analysis

Hint: for the sensitivity analysis, fix one of the probabilities and modify the other two in changes of 5%; do it for every combination

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