Use the Payoff Matrix to Determine the Best Strategy

Multiple Choice

Use the payoff matrix to determine the best strategy.
-A farmer must decide on which of two pieces of land to grow his crops. The first piece of land has better soil and will yield a larger harvest. However this piece of land is low lying and is coastal and his crops will be destroyed in the event of a storm and flooding. The second piece of land has poorer soil and will yield a smaller harvest but is at a higher elevation and would not be affected by flooding. He estimates that the payoff matrix is as follows:

Based on meteorological records from previous years, the farmer estimates the probability of flooding next year to be 0.1 . What is the farmer's best strategy?

A) Wait and see
B) Use the land that is at a higher elevation
C) Use the land that is at a lower elevation