An oil company in Abu Dhabi expects that a new oil field will produce between 2,000 and 12,000 barrels of oil per hour. The oil company also expects that most likely production to be 7000 barrels per hour. The company believes the oil field will be uneconomic if the probability of extracting less than 5,000 barrels per hour is less than 10%. a) Model the hourly production of oil by a triangular distribution. b) Find the probability that less than 5,000 barrels of oil will be produced in one hour. Is this economic production rate? c) What is the probability that this oil field will produce more than 10,000 barrels per hour? d) You manager is interested in learning the 75th percentile. How much is the production rate at this level?

An oil company in Abu Dhabi expects that a new oil field will produce between 2,000 and 12,000 barrels of oil per hour. The oil company also expects that most likely production to be 7000 barrels per hour. The company believes the oil field will be uneconomic if the probability of extracting less than 5,000 barrels per hour is less than 10%. a) Model the hourly production of oil by a triangular distribution. b) Find the probability that less than 5,000 barrels of oil will be produced in one hour. Is this economic production rate? c) What is the probability that this oil field will produce more than 10,000 barrels per hour? d) You manager is interested in learning the 75th percentile. How much is the production rate at this level?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section: Chapter Questions

Problem 14T: An unbalanced coin is weighted so that the probability of heads is 0.55. The coin is tossed ten...

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Similar questions

What term is used to express the likelihood of an event occurring? Are there restrictions on its values? If so, what are they? If not, explain.
An unbalanced coin is weighted so that the probability of heads is 0.55. The coin is tossed ten times. (a) What is the probability of getting exactly 6 heads? (b) What is the probability of getting fewer than 3 heads?
A manufacturer has determined that a machine averages one faulty unit for every 500 it produces. What is the probability that an order of 300 units will have one or more faulty units?

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