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Assignment:
You have two six-sided dice:
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.
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?
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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.
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