Using the Data Below, What Would Be the Joint Probabilities

question 6

Multiple Choice

Using the data below, what would be the joint probabilities, P(UÇS_j) ? ? $$\begin{array} { c c c } & \begin{array} { c } \text { Prior } \\\text { Probabilities }\end{array} & \begin{array} { c } \text { Conditional } \\\text { Probabilities }\end{array} \\\text { States of Nature } ( S j ) & P ( S j ) & P ( U \mid S j ) \\\hline S 1 & 0.65 & 0.75 \\S 2 & 0.20 & 0.35 \\S 3 & 0.15 & 0.20 \\\hline \text { Total } & 1.00 & \\\hline\end{array}$$

• A)0.83, 0.12, and 0.05
• B)0.49, 0.07, and 0.03
• C)0.47, 0.49, and 0.04
• D)1.00, 0.59, and 1.00

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Definitions:

Ledger

A book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Transposition

The accidental rearrangement of digits of a number. Example: 152 → 125.

Error

A mistake in recording transactions or in financial statements, often requiring adjustments or corrections.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure a company's bookkeeping system is mathematically correct.