Question: In the first eKnow example in which we used binomial probabilities, suppose the results had been that 4 out of the 20 people responded that
In the first eKnow example in which we used binomial probabilities, suppose the results had been that 4 out of the 20 people responded that they would purchase the eKnow. Use Bay's theorem to find your posterior probability P(Hit|r=4, n=20) for the following pairs of prior probabilities: a) P(Hit) = 0.2, P(Flop) = 0.8 b) P(Hit) = 0.4, P(Flop) = 0.6 c) P(Hit) = 0.5, P(Flop) = 0.5 d) P(Hit) = 0.75, P(Flop) = 0.25 e) P(Hit) = 0.9, P(Flop) = 0.1 f) P(Hit) = 1.0, P(Flop) = 0.0 Creta a graph of posterior probability as a function of the prior probability
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
