An Experiment Consists of Randomly Selecting One of Three Coins

question 203

Multiple Choice

An experiment consists of randomly selecting one of three coins, tossing it, and observing the outcome - heads or tails. The first coin is a two-headed coin, the second is a biased coin such that P(H) = , and the third is a fair coin. If the coin selected shows heads, what is the probability that this coin is the fair coin?

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Definitions:

Common Resources

Resources like fish stocks, forests, and clean air, which are non-excludable but rivalrous, leading to potential overuse and depletion.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available for everyone and one person’s use does not reduce availability to others.

Nonexcludable

A property of a good or service whereby it is not feasible to prevent people from accessing it, often leading to its consumption without directly paying for it.

Private Good

A product or service that is excludable and rivalrous, meaning its consumption by one individual prevents its use by another.