BP, a South African oil company will drill a succession of holes in a given areato find a productive well. The probability that they are successful on a given trialis 0.6.2.3.1 What probability distribution function(s) can be used to calculateprobability of successfully finding oil for the very first time. (*2.3.2 What is the probability that the third hole drilled is the first hole to yield aproductive well? (^)2.3.3 What is the expected number of holes that BP will drill until a productivewell is found? Interpret your answer2.4 Explain in your own words and give an example how you would be able toidentify when to use the Poisson probability distribution function to calculate theprobability.

2.3.1 Here we want to determine the distribution of number of trials required to find oil for the…

Answered: 2.3.1 What probability distribution…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Crime reports from 2019 indicate that 6.2 motor vehicle thefts occur each hour in the United States. Assume that the distribution of thefts per hour can be approximated by the Poisson probability distribution. Calculate the probability that exactly 4 thefts occur in an hour.
The lifetime of a housefly ranges from 18 hours to 30 hours, determine the probability that a fly selected at random will live AT LEAST 28 hours.
Roll two fair dice. Use the Poisson approximation to find the probability that you will rollat least one double (meaning both dice land on the same value) in 24 trials. How does this compare tothe exact value? Answer as if explaining to someone.
part 4 5 6
A professor knows that her statistics students' final exam scores have a mean of 80 and a standard deviation of 12.2. In her class, an "A" is any exam score of 90 or higher. This quarter she has 25 students in her class. What is the probability that 7 students or more will score an "A" on the final exam?Hint: You will need to use your knowledge of normal probability distributions to determine the probability of one individual getting an A and then use your knowledge of binomial distributions to determine the probability of 7 students or more out of 25 students getting an A.prob = ____________Report your final answer accurate to 4 decimal places. Do not round any of the numbers in this calculation until the very end of the problem!
A certain portfolio’s value increases by 30% during a financial boom, increases by 5% during normal times and it decreases by 2% during a recession. Suppose each scenario is equally likely and you invested $200 in this portfolio. . 1.Create a probability model for your net gain. 2.What is the expected net gain when you invest $200 in this portfolio? 3.What’s the standard deviation of your net gain when you invest $200 in this portfolio?
We Love Cocoa! sells two-pound boxes of assorted chocolates. Because of imperfections in their equipment, the actual weight of the box of chocolates has a continuous uniform distribution ranging from 31.8 to 32.6 ounces. What is the probability that a box weighs exactly 31 ounces?
Cody took his first physics exam and scored an 80. The population mean for this exam is 70, and the standard deviation is 5. What is the probability of selecting a person with a score greater than Cody’s?
A university is considering setting up an information desk manned by one employee. Based on information obtained from similar information desks, it is believed that people will arrive at the desk at the rate of 18 per hour. It takes an average of 2 minutes to answer a question. It is assumed that arrivals are Poisson and answer times are exponentially distributed. What is the arrival rate? (Include the units.) What is the service rate? (Include the units.) Find the probability that the employee is idle.
11.8.3 The table shows claims and their probabilities for an insurance company. Use the table to answer parts a through c. Amount of claim (to the nearest $50,000) Probability $0 0.65 $50,000 0.23 $100,000 0.05 $150,000 0.04 $200,000 0.02 $250,000 0.01 a.Calculate the expected value. $_______
Suppose the time it takes for guests to wait for an elevator at the lobby of a certain office building has a uniform distribution between 0 and 4 minutes. What is the probability that, the next time you need to take this elevator, you'll have to wait at most 1.6 minutes? (Your answer should be a decimal. Round to 4 decimal places if necessary.)
73. Complete the PDF and answer the questions. x P(x) xP(x) 0 0.3 1 0.2 2 3 0.4 Table 4.31 Find the probability that x = 2. Find the expected value.

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