Use the data in Table 11.6 on page 707. Assume that we wish to fit a simple

Question:

Use the data in Table 11.6 on page 707. Assume that we wish to fit a simple linear regression model for predicting logarithm of 1980 price from logarithm of 1970 price.
a. Find the posterior of the slope parameter β1.
b. Find the posterior probability that β1 ≤ 2.
c. Find a 95 percent prediction interval for the 1980 price of a species that cost 21.4 in 1970. 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...