American Airlines is interested in the proportion of flights that are full during the 2008 summer season.
Question:
American Airlines is interested in the proportion of flights that are full during the 2008 summer season. The airline uses data from past experience and constructs the following prior distribution of the proportion of flights that are full to capacity:
S .....P(S)
0.70 ....0.1
0.75 .....0.2
0.80 .....0.3
0.85 .....0.2
0.90 .....0.1
0.95 .....0.1
1.0
A sample of 20 flights shows that 17 of these flights are full. Update the probability distribution to obtain a posterior distribution for the proportion of full flights.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Complete Business Statistics
ISBN: 9780077239695
7th Edition
Authors: Amir Aczel, Jayavel Sounderpandian
Question Posted: