A farm owner has three possible hiring decisions.His profits depend on the growing season as shown below.If the probability of a good growing season is 0.75.Based on the expected value approach, the farmer should ________________________ .

A)hire migrant workers if the growing season is good
B)hire teenagers
C)do not do any extra hiring
D)hire migrant workers
E)do not do any extra hiring if the growing season is bad

Question

A farm owner has three possible hiring decisions.His profits depend on the growing season as shown below.If the probability of a good growing season is 0.75.Based on the expected value approach, the farmer should ________________________ .

A)hire migrant workers if the growing season is good 
B)hire teenagers 
C)do not do any extra hiring 
D)hire migrant workers 
E)do not do any extra hiring if the growing season is bad

Quizplus · Accepted Answer

The Answer of A farm owner has three possible hiring decisions.His profits depend on the growing season as shown below.If the probability of a good growing season is 0.75.Based on the expected value approach, the farmer should ________________________ .

A)hire migrant workers if the growing season is good 
B)hire teenagers 
C)do not do any extra hiring 
D)hire migrant workers 
E)do not do any extra hiring if the growing season is bad

A Farm Owner Has Three Possible Hiring Decisions