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Economics

You arrange for a legal document to be written. You believe there is a 50% prior probability that the document is correctly written. You then go to 10 lawyers, the probability of seeing an expert lawyer is the same as the probability of seeing a novice lawyer. Expert lawyers always know if the document is correct. Novice lawyers guess and say the document is correct half of the time. All 10 lawyers tell you the document is correct. Now, what is your belief about the probability of the document being correctly written?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91708839

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