Question

Problem I: Likelihood intuition

Write one or two paragraphs explaining why maximum likelihood estimation is a reasonable idea. Your answer should define the likelihood function, explain what it is a function of and what it measures, and explain why choosing a parameter estimate by maximizing the likelihood function is a reasonable idea. You should also illustrate all of these ideas in the context of a specific example such as estimating the proportion of M&Ms that are blue based on a sample of n M&Ms (you can pick a different example if you prefer).

Answer 1