Maintenance Company
For a maintenance company,a payoff table,the prior probabilities for three states of nature,and the likelihood probabilities are shown below:
Payoff Table: Prior Probabilities: P(s₁)= 0.4,P(s₂)= 0.5,and P(s₃)= 0.1. Likelihood Probabilities:
-{Maintenance Company Narrative} Use the posterior probabilities for I₃ in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV^*.

Question

Maintenance Company
For a maintenance company,a payoff table,the prior probabilities for three states of nature,and the likelihood probabilities are shown below:
Payoff Table:

Prior Probabilities: P(s₁)= 0.4,P(s₂)= 0.5,and P(s₃)= 0.1. Likelihood Probabilities:

-{Maintenance Company Narrative} Use the posterior probabilities for I₃ in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV^*.

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The Answer of Maintenance Company For a maintenance company,a payoff table,the prior probabilities for three states of nature,and the likelihood probabilities are shown below: Payoff Table: Prior Probabilities: P(s 1 )= 0.4,P(s 2 )= 0.5,and P(s 3 )= 0.1. Likelihood Probabilities: -{Maintenance Company Narrative} Use the posterior probabilities for I₃ in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV^*.

Maintenance Company for a Maintenance Company,a Payoff Table,the Prior Probabilities for Probabilities