weather conditions. This information is as shown below: the Return for Strawberry Return for onion farming in % Weather conditions Probability for weather conditions farming in % Sunny and Dry 0.3 3% -5% Low rainfall 0.2 8% 8% Moderate rainfall 0.3 15% 25% High rainfall 0.1 12% 15% Flooding 0.1 -10% - 4%

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.2: Introduction To Probability
Problem 52E
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Answer the question in the image attatched below

Mrs. Teresa is interested in starting a farming business. She is considering venturing into either
strawberry farming or onion farming. She has consulted a financial advisor who established probable
returns for these two types of farming businesses and the probability of occurring depending on different
weather conditions. This information is as shown below:
Weather conditions
Probability
for
the Return for Strawberry Return for onion
weather conditions
farming in %
farming in %
Sunny and Dry
0.3
3%
-5%
Low rainfall
0.2
8%
8%
Moderate rainfall
0.3
15%
25%
High rainfall
0.1
12%
15%
Flooding
0.1
-10%
- 4%
Required:
Using all the appropriate measures advice Mrs. Teresa on the best farming business to venture in. Give
a well detailed justification for your answer.
Transcribed Image Text:Mrs. Teresa is interested in starting a farming business. She is considering venturing into either strawberry farming or onion farming. She has consulted a financial advisor who established probable returns for these two types of farming businesses and the probability of occurring depending on different weather conditions. This information is as shown below: Weather conditions Probability for the Return for Strawberry Return for onion weather conditions farming in % farming in % Sunny and Dry 0.3 3% -5% Low rainfall 0.2 8% 8% Moderate rainfall 0.3 15% 25% High rainfall 0.1 12% 15% Flooding 0.1 -10% - 4% Required: Using all the appropriate measures advice Mrs. Teresa on the best farming business to venture in. Give a well detailed justification for your answer.
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