Suppose that the time in minutes required to serve a customer at a certain facility has an exponential distribution for which the value of the parameter is unknown and that the prior distribution of is a gamma distribution for which the mean is 0 2 and the standard deviation is 1 If the average tim...

Suppose that the time in minutes required to serve a customer at a certain facility has an

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Suppose that the time in minutes required to serve a customer at a certain facility has an exponential for which the value of the parameter θ is unknown and that the prior of θ is a gamma for which the mean is 0.2 and the standard deviation is 1. If the average time required to serve a random sample of 20 customers is observed to be 3.8 minutes, what is the posterior of θ?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

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Probability And Statistics

ISBN: 9780321500465

4th Edition

Authors: Morris H. DeGroot, Mark J. Schervish

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Question Posted: Nov 25, 2015 03:55 AM

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Suppose that the time in minutes required to serve a customer at a certain facility has an

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