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Use the following payoff matrix from different corn varieties under different weather conditions to answer questions 1-8. Net Return for Each Corn Variety Weather Outcomes
Use the following payoff matrix from different corn varieties under different weather conditions to answer questions 1-8. Net Return for Each Corn Variety Weather Outcomes Probability Variety A Variety B Variety C Good 0.2 $800 $750 $880 Average 0.6 $740 $675 $725 Poor 0.2 $620 $600 $600 Which variety has the largest range? What is the weighted average of Variety A? What is the standard deviation of Variety A? What is the coefficient of variation of Variety A? Which variety would you chose if you were using the most likely outcome decision rule? Which variety would you chose if you were using the maximum expected value decision rule? Which variety would you chose if you were using the risk and returns comparison decision
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