Mathematics, 06.12.2019 06:31, djfluffyman999

Two types of coins are produced at a factory: a fair coin and a biased one that comes up heads 55 percent of the time. we have one of these coins, but do not know whether it is a fair coin or a biased one. in order to ascertain which type of coin we have, we shall perform the following statistical test: we shall toss the coin 1000 times. if the coin lands on heads 525 or more times, then we shall conclude that it is a biased coin, whereas if it lands on heads less than 525 times, then we shall conclude that it is a fair coin. if the coin is actually fair, what is the probability that we shall reach a false conclusion? what would it be if the coin were biased?

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Two types of coins are produced at a factory: a fair coin and a biased one that comes up heads 55 p...