Consider the Following to Answer the Question(s) Below

question 1

Multiple Choice

Consider the following to answer the question(s) below:
A farm owner who grows summer vegetables (e.g. tomatoes) must decide whether to employ additional pickers this season. If he does, he could hire either migrant workers or local teenagers who need summer employment. The migrant workers are more experienced, faster, but more expensive. Although the teenagers will work for less, they are not as experienced and tend to damage plants and produce. His profits, taking into account losses from unpicked perished or damaged produce, depend on whether there is a good or bad growing season. The payoffs are shown in the table below.
-Based on the expected value approach, the farmer should

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

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Definitions:

Tablespoon

A unit of measure used in cooking, equal to three teaspoons or approximately 15 milliliters.

Prescription

A physician's written order for medication.

Millimeters

A metric unit of length equal to one thousandth of a meter.

Kilometer

A unit of length in the metric system, equal to 1,000 meters.