Consider the Following to Answer the Question(s) Below

question 3

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.
-The standard deviation for hiring migrant workers is

• A) $21,651.
• B) $12,990.
• C) $5,495.
• D) $2,500.
• E) $147.

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Definitions:

Land Differs

The concept that land has unique characteristics that affect its value and use, such as location, topography, and fertility, making it distinct from other factors of production.

Interest Rates

The cost of borrowing money or the payment made for the use of money, typically expressed as a percentage per annum.

Present Values

The current value of a future sum of money or stream of cash flows, discounted at a specific rate to account for its time value of money.

New Technology

The latest advancements and innovations in methods, tools, or devices that improve efficiency, productivity, or performance in various fields.