Bayesian revision of probabilities

Assignment Help Managerial Accounting
Reference no: EM13489070

Bayesian revision of probabilities

Seepage from dams containing uranium tailings is known to cause radio-active pollution of surrounding ground water of an average of 1 dam in 2000. The presence of radio-active pollution can be tested using a geiger-counter. This instrument, however, provides imperfect signals. Background atmospheric radiation causes it to indicate the presence of radio-active seepage on 15% of the occasions when no radio-active seepage has occurred. However, when radio-active seepage has occurred, it fails to accurately signal the presence of radio-active pollution only 2% of the time.

If a geiger-counter measurement indicates the presence of radio-active pollution, what is the probability that radio-active seepage has occurred?

Reference no: EM13489070

Questions Cloud

How far will it go horizontally : A civil war era cannon is capable of firing a cannonball at 150 m/s. If it is set to fire at 39 degrees above the horizontal: how far will it go horizontally
A probability-based assessment of stealing : Consider randomly selecting a student at a certain university, and let A denote the event that the selected individual has a Visa credit card and B be the analogous event for a MasterCard. Suppose that P(A) = .5, P(B) = .4, and P(A intersect B..
Explain metal crytallizes in one of the three cubic lattices : An unkown metal crytallizes in one of the three cubic lattices. The edge length of the unit cell is 408pm. Given that the atomic radius of the metal is 144pm and the density of the solid is 19.3g/cm-3, what is the atomic symbol of the metal? a=2R ..
Probability of a new product : What is the manager's prior probability that his competitor is planning to introduce a new product and what is his revised probability of a new product given that the competitor is building a new plant?
Bayesian revision of probabilities : If a geiger-counter measurement indicates the presence of radio-active pollution, what is the probability that radio-active seepage has occurred?
What is the kinetic energy of the satellite in this orbit : A satellite orbits a planet of unknown mass in a circle of radius 2.3 x 107 m. The magnitude of the gravitational force on the satellite from the planet is F = 89 N. What is the kinetic energy of the satellite in this orbit
Decision analysis- complete uncertainty : A decision maker has formulated the following payoff (profits) matrix and what action should select if she followed the criterion of Maximin
Explain what is the atomic symbol of the metal : An unkown metal crytallizes in one of the three cubic lattices.The edge length of the unit cell is 408pm.Given that the atomic radius of the metal is 144pm and the density of the solid is 19.3g/cm-3, what is the atomic symbol of the metal? a=2R a=..
The higher the anxiety level of the participant : The higher the scores on these measures, the higher the anxiety level of the participant.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Breach of contract alternative uses of a product made to

breach of contract alternative uses of a product made to customer specificationgrumbles industries ltd is a large

  Determining depreciation expense-cost of new equipment

Barone Supply bought equipment at a cost of $48,000 on January 2, 1997. It originally had an estimated life of ten years and a salvage value of $8,000. Barone uses the straight-line depreciation method. On December 31, 2000

  Computing income elasticity of demand

Suppose you have the following hypothetical demand or sales function. Calculate the income elasticity of demand for product X when I= $1,500. How could we classify product X? Is product X a cyclical or noncyclical good?

  Markup rule-computing price using elasticity

Your company has developed the drug called Matrox that is an effective treatment for migraine headaches. You have just discovered that it can also be employed for organ transplant patients to reduce risk of organ rejection.

  Prepare an analysis of the financial impact

Prepare an analysis of the financial impact of the exhibition on the Ruthmueller Museum, assuming attendance is 10,000.  Does offering the exhibition appear to be a good decision from a financial standpoint?

  Conversion cycle and credit policy

Since easing the credit policy generally lengthens the collection period and worsens the aging schedule, why do firms ever ease their credit policies?

  Determine the activity rate for each activity

Determine the activity rate for each activity and determine the total and per-unit activity cost for all three products.

  What are the main features of an intangible asset

What are the main features of an intangible asset, as laid out in AASB 138 Intangible Assets. Explain how Pics Ltd's) expenditures on intangibles should be accounted for under AASB 138 Intangible Assets.

  Sharpe corporation projected sales

Make a cash budget for Sharpe covering the first seven months of 2004. Sharpe has $200,000 in notes payable due in July that must be repaid or renegotiated for an extension. Will the firm have ample cash to repay the notes?

  Describe jscs current budget process

Describe JSC's current budget process in terms of the concept of 'participative budgeting' and advise the CEO on how the current budget process may be leading to the performance problems being experienced at JSC, and on what changes you would recom..

  Decision analysis - complete uncertainty

What action should (s)he select if (s)he followed the criterion of Maximin and Maximax

  Find gross profit for a manufacturing company

The Manufacturing overhead was overapplied by $6800, so when we close it to COGS, the new amount comes to $466400.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd