Two types of coins are produced at a factory: a faircoin
Chapter 5, Problem 5.26(choose chapter or problem)
Two types of coins are produced at a factory: a faircoin and a biased one that comes up heads 55 percentof the time. We have one of these coins, butdo not know whether it is a fair coin or a biasedone. In order to ascertain which type of coin wehave, we shall perform the following statistical test:We shall toss the coin 1000 times. If the coin landson heads 525 or more times, then we shall concludethat it is a biased coin, whereas if it lands on headsless than 525 times, then we shall conclude that itis a fair coin. If the coin is actually fair, what is theprobability that we shall reach a false conclusion?What would it be if the coin were biased?
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