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Refer to the following payoff table: State of Nature Alternative S1 S2 A1 75 -40 A2 100 Prior Probability 0. 6 0.4 There is an
Refer to the following payoff table: State of Nature Alternative S1 S2 A1 75 -40 A2 100 Prior Probability 0. 6 0.4 There is an option of paying $100 to have research done to better predict which state of nature will occur. When the true state of nature is S1, the research will accurately predict S1 60% of the time. When the true state of nature is S2, the research will accurately predict S2 80% of the time. Given that the research is done, what is the joint probability that the state of nature is S2 and the research predicts S2?Multiple Choice O 0.36 O 0.08 O 0.16 O 0.24 O 0.32
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