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Suppose that you are given a decision situation with three possible states of nature: 5₁, 5₂, and s.. The prior probabilities are P(s) = 0.5, P(s₂) = 0.3, and P(s) = 0.2. With sample information I, P(I|s₂) = 0.1, P(1|s₂) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, 11), P(S₂11), and P(s,II). (Round your answers to four decimal places.) P(S₂11) P(S₂11) P(S₂11)

Suppose that you are given a decision situation with three possible states of nature: 5₁, 5₂, and s.. The prior probabilities are P(s) = 0.5, P(s₂) = 0.3, and P(s) = 0.2. With sample information I, P(I|s₂) = 0.1, P(1|s₂) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, 11), P(S₂11), and P(s,II). (Round your answers to four decimal places.) P(S₂11) P(S₂11) P(S₂11)

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Suppose that you are given a decision situation with three possible states of nature: 5₁, 5₂, and s. The prior probabilities are P(s) = 0.5, P(s₂) = 0.3, and P(s) = 0.2. With sample information I, P(I|s₂) ) = 0.1, P(I|s₂) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, I), P(s₂|I), and P(s. II). (Round your answers to four decimal places.) P(s, 11) P(S₂11) P(s. II)
Transcribed Image Text:Suppose that you are given a decision situation with three possible states of nature: 5₁, 5₂, and s. The prior probabilities are P(s) = 0.5, P(s₂) = 0.3, and P(s) = 0.2. With sample information I, P(I|s₂) ) = 0.1, P(I|s₂) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, I), P(s₂|I), and P(s. II). (Round your answers to four decimal places.) P(s, 11) P(S₂11) P(s. II)
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