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(Maximum likelihood estimation of the success probability). You have a biased coin that has the probability of landing heads p. You tossed the coin
(Maximum likelihood estimation of the success probability). You have a biased coin that has the probability of landing heads p. You tossed the coin 10 times and observed x=7 heads. (Hint: Use =BINOM.DIST function) (a) If p=0.6, what is the likelihood of having 7 heads when you toss the biased coin 10 times? (b) Use Excel - Solver and find the maximum likelihood estimate of the unknown parameter p.
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Microeconomics Theory and Applications
Authors: Edgar K. Browning, Mark A. Zupan
12th edition
9781118920060, 1118758870, 1118920066, 978-1118758878
