Question: in a study of 70 restaurant bills 40 of the...
In a study of 70 restaurant bills, 40 of the 70 were paid using cash. Find the posterior
distribution of the binomial parameter p, the population proportion paying cash.
(a) Useabetapriordistributionwith aα=2 and β=2
(b) Use a beta prior distribution with α = 100 and β = 100. Find an approximate 95% credible interval for p without using software.