What is the probability that it is the loaded die

Assignment Help Microeconomics
Reference no: EM133494108

Assignment:

You have two six-sided dice:

  • One die is fair with the numbers 1 through to 6 occurring with equal probability
  • The other die is loaded and always rolls an even number. It rolls a 2, 4 or 6 with equal probability.

You pull one die out of your pocket and roll it. You did not check which die it was before you rolled. (Assume you could have pulled either die out of your pocket with equal probability.)

a) The die shows a six. What is the probability that it is the loaded die? Calculate your answer using Bayes' rule.

b) You pull the other die out of your pocket and roll it. It shows a 5. What is the updated probability that the first die is the loaded die? Calculate your answer using Bayes' rule.

Reference no: EM133494108

Questions Cloud

Was malala yousafzais speech education first : Was Malala Yousafzais speech " Education First" in July of 2013 successful in doing what it was for? Did it help to establish The Malala Fund?
Do you think each speaker did a good job of sticking : How do you think the type of speech (whether it was informative or persuasive) affected the information the speaker used?
What connections to aspects of truth does animal farm has : What connections to Aspects of truth (Facts, Repetitive Chanting, Magical Thinking, Misplaced Faith) does Chapter of Animal farm has?
Types of knives and knife skills when cooking : Why is it important to have knowledge of different types of knives and knife skills when cooking or preparing meat?
What is the probability that it is the loaded die : The die shows a six. What is the probability that it is the loaded die? Calculate your answer using Bayes' rule.
Example of a monthly demand schedule for pizza : Make up an example of a monthly demand schedule for pizza. Give an example of something that would shift this demand curve.
Why do you think the window for raising debt is opening : What is the recommendation of former Federal Reserve heads Ben Bernanke and Janet Yellen and why do you think they are proposing this step?
Does this situation best represent producer-producer rivalry : Does this situation best represent producer-producer rivalry, consumer-consumer rivalry, or consumer-producer rivalry?
What should be the appropriate mix of fiscal policy : In the current scenario, what should be the appropriate mix of fiscal policy and monetary policy? Cite source for data and be specific in your recommendations.

Reviews

Write a Review

Microeconomics Questions & Answers

  The extra output of extra worker

If a worker can produce 20 units of output which can be sold $4 per unit, what is the maximum wage that firm should pay to hire this worker?

  Demonstrate graphically or otherwise, that the functions

Write a demand and a supply curve expressed in the form of an exponential and logarithmic functions respectively. Demonstrate graphically or otherwise

  Show the price level and quantity of real gdp

Suppose the price level in a particular economy equals 1.3 and that the quantity of real GDP demanded at that price level is $1,200.

  What impact would these financial innovations have on m1

The impact on this monetary aggregate of extensive financial innovation -the changes in the kinds of deposits and services offered by banks- led

  How is ones writing and the way they speak to others

How is ones writing and the way they speak to others have a significant impact on how they are viewed as professional or competent in the workplace?

  Provide a brief description of the status of the company

Provide a brief description of the status of the company that led to its determination that a change was necessary.

  Current performance of the u.s. banking industry

Current performance of the U.S. Banking Industry a. Comparison between U.S. Banking Industry vs. other large economies. i. European Union ii. ii. United Kingdom b. Problems they are facing right now. c. Evaluate the current situation.

  Explain pattern of events that you personally have observed

Your assignment is to use a principle, or principles, discussed in the course to explain some pattern of events or behavior that you personally have observed.

  What is the future worth of your investment

General price inflation is estimated to be 3% for the next 5 years, 5% the 5 years after that, and 8% the following 5 years. If you invest $10,000.

  What are the key terms of the article

Using academic scholarly research, find an article that addresses an ethical dilemma from the past five years and annotate it thoroughly.

  Find regions where firm 2 does and does not compete

Display a diagram in (c1,c2) space that indicates the cost combinations for which firm 2 will choose not to compete. Interpret the equation describing the boundary between the regions where firm 2 does and does not compete.

  Dominant strategy for firm and the equilibrium

Describe the dominant strategy for each firm and the equilibrium. Explain why there is an incentive to collude

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd