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A Farmer Has a Choice of Growing Wheat, Barley, or Rice

Question 18

Multiple Choice

A farmer has a choice of growing wheat, barley, or rice. Her success will depend on the weather, which could be dry, average, or wet. Her payoff matrix is as follows.  Weather  Dry  Average  Wet  Crop Choices  Wheat 202010 Barley 101520 Rice 102020\begin{array}{|l|lrcr|}\hline & {\text { Weather }} \\\hline & & \text { Dry } & \text { Average } & \text { Wet } \\\text { Crop Choices } & \text { Wheat } & 20 & 20 & 10 \\& \text { Barley } & 10 & 15 & 20 \\& \text { Rice } & 10 & 20 & 20\\\hline\end{array} If the probability that the weather will be dry is 50%, the probability that it will be average is 10%, and the probability that it will be wet is 40%, what is the farmer's best choice of crop


A) Barley
B) Barley and Rice
C) Wheat
D) Wheat and Barley
E) Rice

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