Question: Suppose that you are given a decision situation with three possible states of nature: 5, 5, and s. The prior probabilities are P(s) = 0.5,

Suppose that you are given a decision situation

Suppose that you are given a decision situation with three possible states of nature: 5, 5, and s. The prior probabilities are P(s) = 0.5, P(s) = 0.3, and P(s) = 0.2. With sample information I, P(I|s) ) = 0.1, P(I|s) = 0.05, and P(Is) = 0.2. Compute the revised or posterior probabilities: P(s, I), P(s|I), and P(s. II). (Round your answers to four decimal places.) P(s, 11) P(S11) P(s. II)

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