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5. You are a produce farmer, and you must decide if you are going to .pdf

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5. You are a produce farmer, and you must decide if you are going to grow apples or oranges next season. You can grow one or the other, but not both. Your crop yield (profit) will be Great, Good, Fair, or Poor depending on the weather. Calculate the maximin, maximax. Laplace, minimax regret and decision tree analysis for this Oituation. For the decision tree, use the probabilities of 25% great, 50% good, 20% fair, and 5% poor. Which do you choose to grow \& why?.

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5. You are a produce farmer, and you must decide if you are going to grow apples or oranges next season. You can grow one or the other, but not both. Your crop yield (profit) will be Great, Good, Fair, or Poor depending on the weather. Calculate the maximin, maximax. Laplace, minimax regret and decision tree analysis for this Oituation. For the decision tree, use the probabilities of 25% great, 50% good, 20% fair, and 5% poor. Which do you choose to grow & why?

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  • 1. 5. You are a produce farmer, and you must decide if you are going to grow apples or oranges next season. You can grow one or the other, but not both. Your crop yield (profit) will be Great, Good, Fair, or Poor depending on the weather. Calculate the maximin, maximax. Laplace, minimax regret and decision tree analysis for this Oituation. For the decision tree, use the probabilities of 25% great, 50% good, 20% fair, and 5% poor. Which do you choose to grow & why?