Reference no: EM131110349
The morning arrival times for 10 days of a school bus at the Tipperary street pickup stop are 8:05, 8:06, 8:09, 8:12, 8:03, 8:15, 8:11, 8:16, 8:00, and 8:14. The scheduled pickup time is 8:05 but past experience has led the students to believe there is a tendency for the bus to arrive late rather than be on time or early. For convenience we relabel so that 8:00 is represented by 0, 8:05 by 5, and so forth, hence we can consider the possible arrival interval to be [0, 20]. To utilize the students' experience, we choose the prior where the prior density μ' = f0 is
This choice makes arrivals a priori three times more likely to be in the interval [10, 20] than in the interval [0, 10]. The corresponding prior distribution μ is
For the choice α = 3, find the Bayes estimator given by (16.15). What is the posterior probability that the bus will be more than 10 min late?
Monopolies rely on barriers of entry to maintain power
: Monopolies rely on Barriers of Entry to maintain the power to set prices. Carefully define and describe a natural monopoly plus TWO other types of entry barriers. Explain why 1) monopolies are economically inefficient and 2) why regulators tend to be..
|
What is the total amount of payments made over life of loan
: What is the total amount of payments made over the life of the loan? How many years will it take to pay off the loan if you pay an extra $100 per month?
|
Both the lessor and the lessee are on a calendar year basis
: If Secada paid $30,000 to a real estate broker on January 1, 2011, as a fee for finding the lessee, how much should be reported as an expense for this item in 2011 by Secada Co.?
|
What is each country ratio of producing plums and apples
: The accompanying hypothetical production possibilies tables are for New Zealand and Spain. Each country can produce apples and plums. Plot the production possibilities data for each of the two countries separately. Referring to your graphs, answer th..
|
Choice makes arrivals a priori three times
: The morning arrival times for 10 days of a school bus at the Tipperary street pickup stop are 8:05, 8:06, 8:09, 8:12, 8:03, 8:15, 8:11, 8:16, 8:00, and 8:14.
|
Grady leasing company signs an agreement on january
: Azure Company assumes direct responsibility for all executory costs, which include the following annual amounts: (1) $900 to Frontier Insurance Company for insurance and (2) $1,600 to Crawford County for property taxes.
|
Absolute advantage and comparative advantage
: Would like everyone to consider two very important concepts of economics this week: absolute advantage and comparative advantage. Both terms are critical, especially on a macroeconomic level. Countries must think about what they are going to produce ..
|
What percentage of the total assets controlled
: What percentage of the total assets controlled by All-Stores does its common stock equity represent? If a stockholder holds $5,000 worth of All-Stores common stock equity, and this amount gives this stockholder voting control, what percentage of the ..
|
What factors influence firm competitive strategies
: What factors influence a firm's competitive strategies? How does global economic competition affect the price elasticity of demand in the domestic market and decisions r elated to the strategy a firm uses to compete? Why do most economists oppose tra..
|