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distribution with mean $900 and standard deviation 300. What does your posterior distribution look like. Calculate the 95% HPD Credible Set for the rent for a one-bedroom apartment in Arlington. Also calculate a Bayesian Estimate and give me the posterior risk for the rent. Is it likely that the rent is more than $1200.

distribution with mean $900 and standard deviation 300. What does your posterior distribution look like. Calculate the 95% HPD Credible Set for the rent for a one-bedroom apartment in Arlington. Also calculate a Bayesian Estimate and give me the posterior risk for the rent. Is it likely that the rent is more than $1200.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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You think that the rent for a one-bedroom apartment in Arlington, Texas follows a normal distribution and are 95% sure (before collecting any data) that it is between [$650, $1500]. You survey 500 people who live in such apartments about their rent. Your results follow a normal distribution with mean $900 and standard deviation 300. What does your posterior distribution look like. Calculate the 95% HPD Credible Set for the rent for a one-bedroom apartment in Arlington. Also calculate a Bayesian Estimate and give me the posterior risk for the rent. Is it likely that the rent is more than $1200.
Transcribed Image Text:You think that the rent for a one-bedroom apartment in Arlington, Texas follows a normal distribution and are 95% sure (before collecting any data) that it is between [$650, $1500]. You survey 500 people who live in such apartments about their rent. Your results follow a normal distribution with mean $900 and standard deviation 300. What does your posterior distribution look like. Calculate the 95% HPD Credible Set for the rent for a one-bedroom apartment in Arlington. Also calculate a Bayesian Estimate and give me the posterior risk for the rent. Is it likely that the rent is more than $1200.
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