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(Steps Shown) A farmer in Florida must decide which crop to plant next year on his land: tomatoes, strawberries, or corn. The return from each crop will

Question: A farmer in Florida must decide which crop to plant next year on his land: tomatoes, strawberries, or corn. The return from each crop will be determined by whether a new trade bill with Mexico passes the Senate. The profit the farmer will realize from each crop, given the two possible results on the trade bill, is shown in the following payoff table:

Trade Bill
Crop Pass Fail
Tomatoes $22,000 $20,000
Strawberries 35,000 8,000
Corn 18,000 12,000

Determine the best crop to plant, using the following decision criteria.

  1. Maximax
  2. Maximin
  3. Minimax regret
  4. Hurwicz (α = 0.3)
  5. Equal likelihood

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