Farmer Joon must determine whether to plant corn or wheat. If he plants corn and the weather is warm, he earns $9,000; if he plants corn and the weather is cold, he earns $6,000. If he plants wheat and the weather is warm, he earns $7,000; if he plants wheat and the weather is cold, he earns $6,500. In the past, 40% of all years have been cold and 60% have been warm. Before planting, Joon can ask an expert for a weather forecast. If the year is actually a cold, there is a 90% chance that the forecaster will predict a cold year. If the year is actually warm, there is an 80% chance that the forecaster will predict a warm year. d. What is the probability that the year will be actually cold if the expert said: “will be warm”? e. If the expert said “will be cold”, then which crop do we plant this year?

Farmer Joon must determine whether to plant corn or wheat. If he plants corn and the weather is warm, he earns $9,000; if he plants corn and the weather is cold, he earns $6,000. If he plants wheat and the weather is warm, he earns $7,000; if he plants wheat and the weather is cold, he earns $6,500. In the past, 40% of all years have been cold and 60% have been warm. Before planting, Joon can ask an expert for a weather forecast. If the year is actually a cold, there is a 90% chance that the forecaster will predict a cold year. If the year is actually warm, there is an 80% chance that the forecaster will predict a warm year. d. What is the probability that the year will be actually cold if the expert said: “will be warm”? e. If the expert said “will be cold”, then which crop do we plant this year?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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