Bayes' Law Involves Three Different Types of Probabilities: 1)prior Probabilities;

question 221

Short Answer

Bayes' Law involves three different types of probabilities: 1)prior probabilities; 2)likelihood probabilities; and 3)____________________ probabilities.

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Definitions:

Depreciation Expense

The allocated amount of an asset's initial cost over its useful life to account for its decrease in value.

Operating Hours

The scheduled or actual hours during which a business is open to conduct operations or provide services to customers.

Double-Declining-Balance Rate

A method of accelerated depreciation that applies a constant rate, which is double the straight-line rate, to the declining book value of an asset each year.

Straight-Line Rate

A method of calculating depreciation of an asset, dividing its cost by the number of years in its useful life.