An experiment has 6 possibilities with the following probabilities: P₁ = 0.02 P2 = 0.3 P3 = 0.1 P4 = 0.25 P5 = 0.2 P6 = 0.3
Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
A: For the given data What is the probability of finding oil? How should the firm interpret the soil…
Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
A: Given,P(high-quality oil) = 0.50P(medium-quality oil) = 0.20P(no oil) = 0.30Using formulas,
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A: Given n = 12 , p = 0.81
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Q: Determine the following probabilities: At least 10 successes out of 20, when p = 0.3 4 or fewer…
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Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
A: In our daily life, we use probability knowingly or unknowingly. Probability is the chance of…
Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
A: Given Information: Prior probabilities: P(high-quality oil) = 0.55 P(medium-quality oil) = 0.25 P(no…
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A: If a die is rolled twice, then the sample space is S=i, j: i=1, 2, 3,..., 6; j=1, 2, 3,..., 6. The…
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Q: David estimates the following probabilities for different grades in a Finance course: Grade…
A: The sum of the probabilities must be equal to 1. So, P(A) = 1 - (0.33+0.25+0.2+0.03) = 1-0.81 =0.19…
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A: When two dice are rolled then the sample space is n(S)=36
Q: oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
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Q: Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities…
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Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
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Q: Suppose that 34% of the population has mood swings, allergies, irritability and depression (MAID)…
A: P(Maid ∩ Dairy) = 0.34P(Dairy) = 0.80P(Maid ∪ Dairy) = 0.70 P(Maid U Dairy) =…
Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
A: Given: P(high-quality oil) = 0.5 P(medium-quality oil) = 0.2 P(no oil) = 0.3 P(Soil |high-quality…
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Q: At Denver international airport, 81% of recent flights have arrived on time. A sample of 12 flights…
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Q: An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the…
A: a) The sum of t he probabilities is 1, so P(oil)+P(no oil)=1P(no oil)=1-P(oil)=1-0.3=0.70
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- Say someone has made a 4-sided die, and states the following probabilities of getting a side (1,2,3, or 4). In each part, state whether a proper probability distribution was used. Why or why not. a. P(1) = 0.25, P(2) = −0.10, P(3) = 0.35, P(4) = 0.25 b. P(1) = 0.25, P(2) = 0.25, P(3) = 0.25, P(4) = 0.25 c. P(1) = 0.25, P(2) = 0.10, P(3) = 0.35, P(4) = 0.25What happens to trees over a five-year period? A study lasting more than 30 years found these probabilities for a randomly chosen 12-inch-diameter tree in the Ozark Highlands of Missouri: stay in the 12-inch class, 0.686; move to the 14-inch class, 0.256. The remaining trees die during the five-year period. What is the probability that a tree dies?If 15% of the people who are given a certain drug experience dizziness, find the following probabilities for a sample of 12 people who take the drug. (a) Exactly two people will become dizzy. (b) At most two of the 12 people will become dizzy.
- Below is a list of all possible outcomes in the experiment of rolling two die.Determine the following probabilities. Write your answers as reduced fractions. PP(sum is odd) = PP(sum is 5) = PP(sum is 7) = PP(sum is 7 and one of the die is a 1) = PP(sum is 7 or at least one of the die is 1) =The player spins a spinner twice. On each spin the player can get a 1 or a 4 ; P(1) = .4 and P(4) = .6. The random variable X = the sum of the two spins. If X is an even number the player wins that many dollars ($2 or $8). If X is an odd number the player loses that many dollars ( $5). What is the expected value of this game to the player?An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high quality oil) = 0.50 P(medium quality oil) = 0.25 P(no oil) = 0.25 What is the probability of finding oil? If required, round your answer to two decimal places.P(Oil) = After 200 feet of drilling on the first well, a soil test is made. The probabilities of finding the particular type of soil identified by the test are P(soil | high quality oil) = 0.15 P(soil | medium quality oil) = 0.70 P(soil | no oil) = 0.25 How should the firm interpret the soil test?The input in the box below will not be graded, but may be reviewed and considered by your instructor.What are the revised probabilities, and what is the new probability of finding oil? If required, round your answer to two decimal places.P(Oil) =
- Thirty percent of hospital admissions for diabetic patients are related to problems with the kidneys. In a sample of 10 diabetic hospital admissions, what is the probability that none will be for a kidney problem? (Round to 4 digits, ex. 0.1234)Labor trends were recently studied using a survey of respondents who were either unemployed (A) or employed (B). The survey results revealed that among those surveyed, 70% of those currently unemployed gain employment within the following month, and 30% remain unemployed. Meanwhile, 80% of those currently employed maintain employment through the following month, and 20% become unemployed. Suppose 75% of the population is currently employed. Using the probabilities and states given, what percentage of the population will likely be employed two months from now? (Enter numerical value only. Do not enter % sign. Round the percentage to 1 decimal place, or to the nearest tenth of a percent.)Spinning a coin, unlike tossing it, may not give heads and tails equal probabilities. I spun a penny 300 times and got 122 heads. We wish to find how significant is this evidence against equal probabilities. What is the sample proportion of heads? Round to 3 places. Heads do not make up half of the sample. Is this sample evidence that the probabilities of heads and tails are different?Take p to be the probability of getting heads in a spin of a penny. Which hypotheses do we want to test? H0: p = 0.5H0: p ≠ 0.5 H0: p = 0.5H0: p > 0.5 H0: p = 0.5H0: p < 0.5 H0: p ≠ 0.5H0: p = 0.5 Compute the z test statistic.z = Round to 2 places.
- Johnny has rolled a pair of standard fair six-sided dice. Given that one of the two dice shows 3 dots, what is the probability that the sum of the number of dots showing on both dice is even?15%0f cellphone users use their cell phones to access internet. In arandom sample of 10 cellphone users, what is probability that exactly 2 have used their phones to access internet?A certain group of women has a 0.210.21% rate of red/green color blindness. If a woman is randomly selected, what is the probability that she does not have red/green color blindness? What is the probability that the woman selected does not have red/green color blindness?
