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a. What is the probability of finding oil (to 2 decimals)? 0.60 b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil high-quality oil) = 0.25 P(soil medium-quality oil) = 0.80 P(soil no oil) = 0.25 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil soil) P(medium-quality oil soil) P(no oil soil) 0.1124 0.1200 0.1000 * What is the now probability of finding oil (to 4 docimal 12

a. What is the probability of finding oil (to 2 decimals)? 0.60 b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil high-quality oil) = 0.25 P(soil medium-quality oil) = 0.80 P(soil no oil) = 0.25 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil soil) P(medium-quality oil soil) P(no oil soil) 0.1124 0.1200 0.1000 * What is the now probability of finding oil (to 4 docimal 12

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.45 P(medium-quality oil) = 0.15 P(no oil) = 0.40 a. What is the probability of finding oil (to 2 decimals)? 0.60 b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil high-quality oil) = 0.25 P(soil medium-quality oil) = 0.80 P(soil no oil) = 0.25 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil soil) 0.1124 P(medium-quality oil soil) 0.1200 P(no oil soil) 0.1000 What is the new probability of finding oil (to 4 decimals)? 0.3325 X
Transcribed Image Text:An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.45 P(medium-quality oil) = 0.15 P(no oil) = 0.40 a. What is the probability of finding oil (to 2 decimals)? 0.60 b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil high-quality oil) = 0.25 P(soil medium-quality oil) = 0.80 P(soil no oil) = 0.25 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil soil) 0.1124 P(medium-quality oil soil) 0.1200 P(no oil soil) 0.1000 What is the new probability of finding oil (to 4 decimals)? 0.3325 X
Expert Solution
Step 1

Given that,

P(high-quality oil) = 0.45

P(medium-quality oil) = 0.15

P(no oil) = 0.40

P(soil | high-quality oil) = 0.25

P(soil | medium-quality oil) = 0.80

P(soil | no oil) = 0.25

To find the probabilities using Baye's theorem.

 

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