Question
In: Statistics and Probability
Brad Simpson is a farmer in the Moscow, Idaho area. Each year he tries to plant...
Brad Simpson is a farmer in the Moscow, Idaho area. Each year he tries to plant the crop that will make him the most money. He has a choice of three crops, barley, wheat or garbanzo beans. The amount he makes on each crop varies based on the amount of rain that comes during the season. A very rainy season is great for garbanzo beans but hurts the profit from barley. Wheat doesn’t vary much based on the rainfall. The estimated profit from each crop, based on the rainfall is in the following table:
|
Rainfall |
Garbanzo Beans |
Barley |
Wheat |
|
High (30% probability) |
80,000 |
35,000 |
50,000 |
|
Low (70% probability) |
20,000 |
60,000 |
40,000 |
Mr. Simpson only wants to plant one crop. Decide on the choice for him based on:
a) Maximin Strategy
b) Maximax Strategy
c) Minimax Regret Strategy
d) Calculate the value of perfect information
Solutions
orchestra answered 1 year agoRelated Solutions
A farmer raises corn. Each year that he has a successful crop he grosses $17000 on...
A farmer raises corn. Each year that he has a successful crop he
grosses $17000 on expenses of $6000 for seed and labor. Sometimes
his crop fails and he grosses only $8000. Each year the farmer has
a chance of using two types of fertilizers: Type A at a cost of
$2000 guarantees that there is a 60% chance of having a successful
crop the next year, and type B at a cost of $3000 guarantees that
there is an...
A farmer needs to decide which type of corn he wants to plant. To decide, he...
A farmer needs to decide which type of corn he wants to plant.
To decide, he plants two small test areas. After the corn has grown
he compares the lengths of the cobs. He looks at 35 cobs of Type A,
which had an average length of 6.3 inches with a variance of 1. He
looks at 30 cobs of Type B, which had an average length of 5.9 with
a variance of 1.3. Calculate a 95% confidence interval for...
Brad is a 25-year-old living with cystic fibrosis. He has spent much of his life dealing...
Brad is a 25-year-old living with cystic fibrosis. He has
spent much of his life dealing with the
harsh symptoms of the disease and the reality that his life
would probably be short. However, he
received a double lung transplant and can now do things he
wasn't able to do before, like going
on trips and even rock climbing! He writes a blog about living
with the illness and is president of
the Northern California chapter of the Lung Transplant...
A farmer can buy two types of plant food, mix A and mix B. Each cubic...
A
farmer can buy two types of plant food, mix A and mix B. Each cubic
yard of mix A contains 20 pounds of phosphoric acid, 30 pounds of
nitrogen, and 5 pounds of potash. Each cubic yard of mix B contains
10 pounds of phosphoric acid, 30 pounds of nitrogen, and 10 pounds
of potash. The minimum monthly requirements are 460 pounds of
phosphoric acid, 960 pounds of nitrogen, and 220 pounds of potash.
If mix A costs $30...
A farmer can buy two types of plant food, mix A and mix B. Each cubic...
A farmer can buy two types of plant food, mix A and mix B. Each
cubic yard of mix A contains 20 pounds of phosphoric acid, 30
pounds of nitrogen, and 5 pounds of potash. Each cubic yard of mix
B contains 10 pounds of phosphoric acid, 30 pounds of nitrogen,
and 10 pounds of potash. The minimum monthly requirements are 460
pounds of phosphoric acid, 960 pounds of nitrogen, and 220 pounds
of potash. If mix A costs $25...
Communication Mr. Simpson is a 78-year-old patient whose wife died last year. He has been living...
Communication Mr. Simpson is a 78-year-old patient whose wife
died last year. He has been living alone. He has limited cooking
skills; thus he eats out a lot. Since his wife died, his blood
sugar has been poorly controlled. To help Mr. Simpson gain better
blood sugar control, the dietitian came to see him. After she left,
Mr. Simpson was angry and stated his desire to leave the hospital
right now. He stated, “That diet person came to see me,...
Mr. Jones is a retired 84 year-old farmer. He is still living in the farmhouse, but...
Mr. Jones is a retired 84 year-old farmer. He is still living in
the farmhouse, but rents the farm land. He has an 8th
grade education. He is recently widowed, living alone, and
adjusting to managing his health care on his own since his wife
passed away. One area of concern is his medication management since
he is taking 10 different prescription medications plus his 6
nonprescription medications. Mr. Jones is currently taking:
Ferrous sulfate 240 mg daily for anemia...
Mr. Jones is a retired 84 year-old farmer. He is still living in the farmhouse, but...
Mr. Jones is a retired 84 year-old farmer. He is still living in
the farmhouse, but rents the farm land. He has an 8th grade
education. He is recently widowed, living alone, and adjusting to
managing his health care on his own since his wife passed away. One
area of concern is his medication management since he is taking 10
different prescription medications plus his 6 nonprescription
medications. Mr. Jones is currently taking:
Ferrous sulfate 240 mg daily for anemia...
A freerange egg farmer has a field of 4,000 m2 area. On this field there are currently 500 chicken. Each chicken lays 150 eggs per year.
A freerange egg farmer has a field of 4,000 m2 area. On this field there are currently 500 chicken. Each chicken lays 150 eggs per year. As space and food is limited on the field, for every tenth chicken added to the field, each chicken lays 1 egg less per year. How many eggs per year can the farmer expect at most?
A farmer uses a greenhouse to grow his fruits and vegetables year round. He recently purchased...
A farmer uses a greenhouse to grow his fruits and vegetables
year round. He recently purchased a machine that uses artificial
intelligence to adjust the lighting to optimize plant growth. He
wants to cut down on his energy costs so he started experimenting
with two different light bulbs (HID & LED). The farmer would
note down the daily kW usage when either is installed that day,
each independent of the other. He randomly selected usage data and
created the table...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- DESCRIBE WHAT THE FOLLOWING JAVA CODE DOES: public class Main{ public static void main(String[] args) {...
- Pete's Power Pizzas sells a chocolate/tofu filled pastry. Pete's currently sells this pastry for $13.15, and...
- List five foods from your culture or your family food traditions that are prepared using a...
- How does Mead distinguish between the body and the self? How is the self both a...
- Assume you were asked to interview a researcher about the merits and weaknesses of quasi-experimental designs....
- Consider the group G = {1, −1, i, −i, j, −j, k, −k} under multiplication. Here...
- Determine the magnitude of the gravitational force Mars would exert on man if he was on...
ADVERTISEMENT