Question
Answer using the following table Alternative State of high nature State of low nature Buy 50 10 Lease 20 100 Prior Probability 0.6 0.4 There
Answer using the following table
Alternative State of high nature State of low nature Buy 50 10 Lease 20 100 Prior Probability 0.6 0.4
There is an option of paying $100 to have research conducted to better predict which state of nature will occur. When the true state of nature is high, the research will accurately predict high 70% of the time. When the true state of nature is low, the research will accurately predict low 75% of the time.
Given that the research is conducted, what is the joint probability that the state of nature is high and the research predicts low?
Joint Probability answer to the 2 decimal
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