A farmer wants to decide which of the three crops he should plant on his 100-acre farm. The profit from each is dependent on the rainfall during the growing seasons. The farmer has categorized the amount of rainfall as high, medium, low. His estimated profit for each is shown in the Table below:
| Rainfall |
Estimated Conditional Profit (Tk.) Crop A |
Crop B |
Crop C |
| High |
8000 |
3500 |
5000 |
| Medium |
4500 |
4500 |
5000 |
| Low |
2000 |
5000 |
4000 |
If the farmer wishes to plant only one crop, decide which will be his best crop using:
i) Maximax Criteria, ii) Maximin Criteria, iii) Hurwicz Criteria (farmer's degree of optimism being 0.6), and iv) Laplace Criteria