A farmer has to decide whether or not to plant his crop early. If he plants early and no late frost occurs, he will gain $5000 in extra harvest. If he plants early and a late frost does occur, he will...

A farmer has to decide whether or not to plant his crop early. If he plants early and no late frost occurs, he will gain $5000 in extra harvest. If he plants early and a late frost does occur, he will lose $2000 as the cost of reseeding. If he doesn't plant early his gain will be $0. Consulting the weather service, he finds that the chance of a late frost is about 0.6.

(a) Describe.sll, 0, the loss matrix, and the prior distribution.

(b) What is the Bayes action?

(c) What is the minimax nonrandomized action?