Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Nov 2017 My Price 5.00

farmer’s tomato crop

A farmer’s tomato crop is wilting and he must decide whether to water it. If he
waters the tomatoes or if it rains, the crop will yield $1000 in profits; but if the
tomatoes get no water, they will yield only $500 in profits. The operation of the
farmer’s irrigation system costs $100. The farmer’s goal is to maximize expected
profits from tomato sales.
(a) If the farmer believes that there is a 50% chance it might rain, should he water his
tomatoes?
(b) What is the maximum amount the farmer would be willing to pay a weather
forecaster that predicts rain with 100% accuracy?
(c) How would your answer to part (b) change if the forecaster is only 90% accurate?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Nov 2017 07:11 PM My Price 5.00

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