(Solved): 10 Suppose you believe a customer will buy your product with a probability of 0.5 . You then collect ...

10 Suppose you believe a customer will buy your product with a probability of 0.5 . You then collect data on 20 incoming (independent) customers and find that 7 of them will purchase your product. Using the beta binomial model (with a Beta( 1,7 ) prior) on the probability

that a customer will buy your product, what is the updated expected value of the posterior probablity of purchase? 6.25 points Multiple Choice 00.38 .35 0.175 0.700 0.364 IC faw Prev 10 of 40 Next