4. A geological study indicates that an exploratory oil well should strike oil with probability of 0.2. What is the probability that A. the first strike comes on the third well drilled? B. the third strike comes on the seventh well drilled? C. What assumptions did you make to obtain the answers to parts A and B? D. Find the mean and variant of the number of wells that must be drilled if the company wants to set up three producing wells.

4. A geological study indicates that an exploratory oil well should strike oil with probability of 0.2. What is the probability that A. the first strike comes on the third well drilled? B. the third strike comes on the seventh well drilled? C. What assumptions did you make to obtain the answers to parts A and B? D. Find the mean and variant of the number of wells that must be drilled if the company wants to set up three producing wells.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

4. A geological study indicates that an exploratory oil well should strike oil with probability of 0.2. What is the probability that
A. the first strike comes on the third well drilled?
B. the third strike comes on the seventh well drilled?
C. What assumptions did you make to obtain the answers to parts A and B?
D. Find the mean and variant of the number of wells that must be drilled if the company wants to set up three producing wells.

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