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A farmer in Georgia must decide which crop to plant next year on his land: corn, peanuts, or soybeans. The return from each crop will be determined by whether a new trade bill with Russia passes the Senate. The profit the farmer will realize from each crop given the two possible results on the trade bill is shown in the following

payoff table.
Trade Bill
Pass
Fail

Crop Corn Peanuts Soybean
$35,000 18,000 22,000
$ 8,000 12,000 20,000

Determine the best crop to plant using the following decision criteria.

a. Maximax
b. Maximin
c. Minimax regret
d. Hurwicz (α = .3)
e. Equal likelihood

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