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2. Waiting time. The waiting time for a bus at a given corner at a certain time of day is known to have a UN,
2. Waiting time. The waiting time for a bus at a given corner at a certain time of day is known to have a UN, 6"] distribution. It is desired to test Ha : I} :3.\" 5" E 15 versus H1 : 5" 3} 15. From other similar routes1 it is known that H has a 1-7111??th{51 3} distribution. If waiting times of 10, 3:. 21, 51, and 14 are observed at the given corner, calculate the posterior odds ratio and the Bayes factor. Which hypothesis would you favor? Note: the density of a Pareto distribution with parameters {3.16} is given by \"It?\" slam} = Ismail
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