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:

Consumer Demand

The desire for particular goods or services supported by the capacity to purchase them.

Price

The amount of money expected, required, or given in payment for something.

Variety

The quality or state of being different or diverse; the absence of uniformity or monotony.

Materials Productivity

A measure of how efficiently materials are utilized to produce goods and services.