7 P(no oil) = 0.35a. 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 typsoil identified by the test are given below.P(soilhigh-quality oil) = 0.20P(soil medium-quality oil) = 0.75P(soil no oil) = 0.20Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4decimals).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)?.According to the revised probabilities, what is the quality of oil that is most likely to be found?- Select your answer- An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following priorprobabilities.P(high-quality oil) = 0.45!!P(medium-quality oil) = 0.20%3DP(no oil) = 0.35%3Da. What is the probability of finding oil (to 2 decimals)?b. After 200 feet of drilling on the first well, a soll test is taken. The probabilities of finding the particular type ofsoil identified by the test are given below.P(soil|high-quality oil) = 0.20%3DP(soil medium-quality oil) = 0.75%3DP(soil no oil) = 0.20Given the sol found in the test, use Bayes' theorem to compute the following revised probabilities (to 4decimals).P(high-quality oil|soil)P(medium-quality oilsoil)

Answered: Image /qna-images/answer/053d84a6-4e54-4a1d-932f-8b9eda81ebeb.jpg

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) = 0.20 %3D P(no oil) = 0.35 %3D a. What is the probability of finding oil (to 2 decimals)? b. After 200 feet of drilling on the first well, a soll test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil|high-quality oil) = 0.20 P(soil medium-quality oil) = 0.75 %3D P(soil no oil) = 0.20 Given the sol found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil|soil) P(medium-quality oilsoil)

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) = 0.20 %3D P(no oil) = 0.35 %3D a. What is the probability of finding oil (to 2 decimals)? b. After 200 feet of drilling on the first well, a soll test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil|high-quality oil) = 0.20 P(soil medium-quality oil) = 0.75 %3D P(soil no oil) = 0.20 Given the sol found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil|soil) P(medium-quality oilsoil)

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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