Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the same scenario as in the previous problem. Based on the same data model for the y = 40 unsuccessful calls observed yesterday, a
Consider the same scenario as in the previous problem. Based on the same data model for the y = 40 unsuccessful calls observed yesterday, a Bayesian analyst determines the following posterior for : (a) (b) (c) (d) |y=40 Beta(=6,=50) [1 pt] What specific prior did the analyst use? (Specify either an expression proportional to its density, or a distribution's name and constants.) [2 pts] Based on this posterior, approximate the posterior mean and posterior standard deviation of . (Retain at least three significant digits.) [2 pts] Based on this posterior, approximate a 95% equal-tailed (Bayesian posterior) credible interval for . (Retain at least three significant digits.) [1 pt] Based on this posterior, approximate the posterior probability that 0.1. (Retain at least three significant digits.) 1 3. (e) [1 pt] Based on this posterior, approximate the posterior predictive probability that, compared to yesterday, the salesperson will need to make strictly fewer calls today to fulfill today's quota of 5 successful calls. (You may assume that the numbers of unsuccessful calls today and yesterday are conditionally independent. Retain at least three significant digits in your numerical answer.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started