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Generate a sample of n = 10 from a Pareto(2) distribution. Now pretend you only know that you have…

Generate a sample of n = 10 from a Pareto(2) distribution. Now pretend you only know that you have a sample from a Pareto(α)  distribution, where : 0 is unknown, and place a Gamma(21) prior on :Using a Monte Carlo sample of size N = 104, approximate the posterior expectation of 1­ (α+ 1) based on the observed sample, and assess the accuracy of your approximation by quoting an interval that contains the exact value with virtual certainty.