A company conducts a study that indicates that an exploratory oil well should have a 25% chance of striking oil. (i) What is the mean and variance of the number of wells that must be drilled if the oil company wants to set up four producing wells? (ii) What is the probability that the fourth strike comes on the seventh well drilled? (iii) What is the probability that the first strike comes on the fourth well drilled? (iv) What is the mean and variance of the number of wells that must be drilled if the oil company wants to set up first producing wells?
A company conducts a study that indicates that an exploratory oil well should have a 25% chance of striking oil. (i) What is the mean and variance of the number of wells that must be drilled if the oil company wants to set up four producing wells? (ii) What is the probability that the fourth strike comes on the seventh well drilled? (iii) What is the probability that the first strike comes on the fourth well drilled? (iv) What is the mean and variance of the number of wells that must be drilled if the oil company wants to set up first producing wells?
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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A company conducts a study that indicates that an exploratory oil well should have a 25% chance of striking oil.
(i) What is the
(ii) What is the
(iii) What is the probability that the first strike comes on the fourth well drilled?
(iv) What is the mean and variance of the number of wells that must be drilled if the oil company wants to set up first producing wells?
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