Answered: Alternative Crop A Crop B Crop C…

Alternative Crop A Crop B Crop C PROBABILITY Rainfall Medium 3500 3500 4500 0.5 High 7000 2000 4500 0.3 Q Zoom Low 1500 6000 4000 0.2

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter3: Functions And Graphs

Section3.5: Graphs Of Functions

Problem 57E

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Question

A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the table. If the farmer wishes to plant only one crop, decide which will be his choice using the EMV rule, prove your judgement by comparing the EMV of each crop. (Indicate the EMV in each crop, comparison and the right choice).

Alternative
Crop A
Crop B
Crop C
PROBABILITY
Rainfall
Medium
3500
3500
4500
0.5
High
7000
2000
4500
0.3
Q Zoom
Low
1500
6000
4000
0.2

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