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Consider two weighted coins Coin 1 has a probability of
Consider two weighted coins. Coin 1 has a probability of 0.3 of turning up heads, and coin 2 has a probability of 0.6 of turning up heads. A coin is tossed once; the probability that coin 1 is tossed is 0.6, and the probability that coin 2 is tossed is 0.4. The decision maker uses Bayes’ decision rule to decide which coin is tossed. The payoff table is as follows:
(a) What is the optimal alternative before the coin is tossed?
(b) What is the optimal alternative after the coin is tossed if the outcome is heads? If it is tails?
(a) What is the optimal alternative before the coin is tossed?
(b) What is the optimal alternative after the coin is tossed if the outcome is heads? If it is tails?
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