An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.a. What is the probability of finding oil (to 2 decimals)?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) = 0.25P(soil medium-quality oil) = 0.85P(soil no oil) = 0.25Given 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)What is the new probability of finding oil (to 4 decimals)?P(high-quality oil) = 0.50P(medium-quality oil) = 0.20P(no oil) = 0.30According to the revised probabilities, what is the quality of oil that is most likely to be found?- Select your answer -

Given,P(high-quality oil) = 0.50P(medium-quality oil) = 0.20P(no oil) = 0.30Using formulas,

Answered: An oil company purchased an option on…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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In a waiting line situation, arrivals occur at a rate of 2 per minute, and the service times average 18 seconds. *Please show formulas in EXCEL format a. What is λ? 2 per min b. What is μ? 18 seconds c. Find probability of no units in the system. d. Find average number of units in the system. e. Find average time in the waiting line. f. Find average time in the system. g. Find probability that there is one person waiting. h. Find probability an arrival will have to wait.
You are a doctor ,a and on average you meet with 30 patients per day. Assuming the NHANES dataset is representative of your patient population, calculate the following. 1. The probability of a single individual having health insurance. = 0.8807812125569134 2. The probability that 3 people in a row will not have health insurance. 3. The probability that 1/3 of your 30 patients for the day do not have health insurance
Plot the appraisal price in dollars that can be paid for combined lease bonus and speculative drilling cost using the following risk: 1,5, and 10 %. The prospect is a 80- acre tract, pay thickness is 100 ft. The probability of dry hole is set at 50%. If the well is successful, recovery in bbls per acre-ft may be as low as 100 to as high as 200, with most probable recovery being 150 bbl/acre-ft. Operating profit may be taken as $ 3 per barrel. Completion costs for a successful well will exceed the cost of a dry well by $40,000. Assume the exploration budget is 0, 3, 6 and 10 MM dollars
Assume that thermometer readings are normally distributed with a mean of 0 degreesC and a standard deviation of 1.00degreesC. A thermometer is randomly selected and tested. For the case below, draw a sketch, and find the probability of the reading. (The given values are in Celsius degrees.) Between 0.50 and 2.00
Submit your answer as an exact fraction or a decimal rounded to the hundredths place. Cupcakes are being randomly passed out to every student in the class. The assortment of cupcakes is described in the table below. What is the probability of receiving a cupcake that is not vanilla flavored? Cupcake flavor Number of cupcakes Vanilla 7 Mint chocolate 3 Red velvet 4 Carrot Cake 6
The mean percent of childhood asthma prevalence in 43 cities is 2.07%. A random sample of 33 of these cities is selected. What is the probability that the mean childhood asthma prevalence for the sample is greater than 2.4%? Interpret this probability. Assume that o = 1.39%. The probability is (Round to four decimal places as needed.)
Find the indicated probability and interpret the result. From 1975 through 2020, the mean annual gain of the Dow Jones Industrial Average was 651. A random sample of 32 years is selected from this population. What is the probability that the mean gain for the sample was between 400 and 700? Assume o = 1540. The probability is (Round to four decimal places as needed.)
The mean percent of childhood asthma prevalence in 43 cities is 2.21%. A random sample of 32 of these cities is selected. What is the probability that the mean childhood asthma prevalence for the sample is greater than 2.6%? Interpret this probability. Assume that o= = 1.21%. The probability is (Round to four decimal places as needed.)
According to Reader's Digest, 44% of primary care doctors think their patients receive unnecessary medical care. Use the z-table. a. Suppose a sample of 260 primary care doctors was taken. Show the sampling distribution of the proportion of the doctors who think their patients receive unnecessary medical care. E(p)= (to 2 decimals) (to 4 decimals) b. What is the probability that the sample proportion will be within ±0.03 of the population proportion? Round your answer to four decimals. c. What is the probability that the sample proportion will be within ±0.05 of the population proportion? Round your answer to four decimals. d. What would be the effect of taking a larger sample on the probabilities in parts (b) and (c)? Why? The probabilities would - Select your answer -increasedecreaseItem 5 . This is because the increase in the sample size makes the standard error, ,
A certain disease has an incidence rate of 0.2%. The false negative rate is 8%, and the false positive rate is 3%. Calculate the probability that a person who tests positive actually has the disease. 0.0848 Note: The incidence rate is the probability that a random person gets the disease. The false negative rate is the probability of getting a negative result given that the person has the disease. The false positive rate is the probability of getting a positive result given that the person does not have the disease.
The mean percent of childhood asthma prevalence in 43 cities is 2.13%. A random sample of 32 of these cities is selected. What is the probability that the mean childhood asthma prevalence for the sample is greater than 2.5%? Interpret this probability. Assume that o = 1.34%. The probability is. (Round to four decimal places as needed.)

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