New information can be used to revise or update the prior probabilities so that the final decision is based on _____.   a. more accurate probabilities for the states of nature     b. the opinion of the CEO     c. figures that were voted upon     d. input from a larger group of individuals

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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New information can be used to revise or update the prior probabilities so that the final decision is based on _____.
  a. more accurate probabilities for the states of nature  
  b. the opinion of the CEO  
  c. figures that were voted upon  
  d. input from a larger group of individuals  
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