What is the farmer best choice of crop


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Q: A farmer has a choice of growing wheat, barley, or rice. His success will depend on the weather, which could be dry, average, or wet. His payoff matrix is as follows. Weather dry average wet wheat 23 18 10 Crop Choices barley 13 16 20 rice 11 20 21 If the probability that the weather will be dry is 10% , the probability that it will be average is 60%, and the probability that it will be wet is 30%, what is the farmer's best choice of crop?

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