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A marketer is interested in how many customers are likely to buy a particular product in a particular store. Let P be the proportion of all customers in the store who will buy the product. Let the distribution of P be uniform on the interval [0, 1] before observing any data. The marketer then observes 25 customers and only six buy the product. If the customers were conditionally independent given P, find the conditional distribution of P given the observed customers. |
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