Assignment:
When the economic situation is “high,” a certain economic indicator rises with probability 0.6. When the economic situation is “medium,” the economic indicator rises with probability 0.3. When the economic situation is “low,” the indicator rises with probability 0.1. The economy is high 15% of the time, it is medium 70% of the time, and it is low 15% of the time. Given that the indicator has just gone up, what is the probability that the economic situation is high?
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.