Question: Suppose that you are given a decision situation with three possible states of nature: 51, 52, and sy. The prior probabilities are P(51)=0.2, P(52)=0.5, and

Suppose that you are given a decision situation with three possible states of nature: 51, 52, and sy. The prior probabilities are P(51)=0.2, P(52)=0.5, and P(53)=0.3. With sample information I, PIT :)=0.07, P(||52)=0.05, and P153)=0.2. Compute the revised (or posterior) probabilities: P(111), P(521), and Ps). Round your answers to three decimal places P(11) - P(521)- P(311)

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