An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.P(high-quality oil) = 0.55P(medium-quality oil)= 0.20P(no oil) = 0.25a. What is the probability of finding oil (to 2 decimals)?Xb. 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) = 0.20P(soil medium-quality oil) = 0.90P(soil no oil)Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals).= 0.20P(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 - +

Given,P(high-quality oil) = 0.55P(medium-quality oil) = 0.20P(no oil) = 0.25Using formulas,P(A) =…

Answered: An oil company purchased an option on…

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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At a certain University, the chance of a student receiving financial aid is 87%. 15 students are randomly and independently chosen. Use R/Rcmdr to find the probability that at most 12 of them are receiving financial aid. ROUND YOUR FINAL ANSWER TO 3 DECIMALS. Choose the most correct (closest) answer below? a.0.6916319 b.0.1204051 c.0.1879631 d.0.3083681
The average salary for a civil engineering major is $75,000 with a standard deviation of $10,000. In the previous exercise a university asked one class of 80 students to give their salaries after they graduate. The graduating class of all civil engineers at the university is 200 students. Find the probability the average salary of the 200 students is between $73,000 and $77,000. 0.995 O 0.16 O 0.68
Find the following probabilities. You MUST draw, label, and shade a curve for each one. Use the table to complete each probability and state the probability to be unusual if it is less than 0.05 or 5%. A. The area to the left of z = -0.97 and to the right of z = 0.97. B. P(-1.76 < z < 0.34)
Susan jogs to the park each day and the trip takes an average of µ = 22 minutes. The distribution of jog times is approximately normal with a standard deviation of σ = 10 minutes. For a randomly selected day, what is the probability that Susan’s jog to the park will take less than 16 minutes? Select one: a. 0.2743 b. 0.8957 c. 0.3236 d. 0.7554
Find the indicated probability and interpret the result. From 1975 through 2020, the mean annual gain of the Dow Jones Industrial Average was 653. A random sample of 34 years is selected from this population. What is the probability that the mean gain for the sample was between 400 and 800? Assume o = 1540. The probability is (Round to four decimal places as needed.) Interpret the result. Select the correct choice and fill in the answer box to complete your choice. (Round to two decimal places as needed.) O A. About OB. About OC. About OD. About % of samples of 46 years will have an annual mean gain between 400 and 800. % of samples of 34 years will have an annual mean gain between 653 and 800. % of samples of 34 years will have an annual mean gain between 400 and 800. % of sampl of 34 years will have an annual mean gain between 400 and 653.
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
The principle of redundancy is used when system reliability is improved through redundant or backup components. Assume that a student's alarm clock has a 16.9% daily failure rate. Complete parts (a) through (d) below. a. What is the probability that the student's alarm clock will not work on the morning of an important final exam? (Round to three decimal places as needed.) Enter your answer in the answer box and then click Check Answer. Check Answer parts remaining Clear All
College students were given three choices of pizza toppings and asked to choose one favorite. Results are shown in the table. toppings freshman sophomore junior senior cheese 27 15 meat veggie OA. 400 B. 625 15 OC. 388 OD. 209 28 15 15 22 15 28 22 15 Estimate the probability that a randomly selected student who is a junior or senior prefers veggie. Round the answer to the nearest thousandth. 22
Assume that adults have IQ scores that are normally distributed with a mean of u =100 and a standard deviation o = 15. Find the probability that a randomly selected adult has an IQ less than 115. Click to view page 1 of the table. Click to view page 2 of the table. The probability that a randomly selected adult has an IQ less than 115 is (Type an integer or decimal rounded to four decimal places as needed.)
A marketing company has randomly surveyed 210 men who watch professional sports. The men were separated according to their educational level (college degree or not) and whether they preferred the NBA or the National Football League (NFL). The results of the survey are shown to the right. Complete parts a through d. a. What is the probability that a randomly selected survey participant prefers the NFL? 0.5286 (Round to four decimal places as needed.) b. What is the probability that randomly selected survey participant has a college degree and prefers the NBA? 0.1857 (Round to four decimal places as needed.) c. Suppose a survey participant is randomly selected and you are told that he has a college degree. What is the probability that this man prefers the NFL? (Round to four decimal places as needed.) C Sports Preference NBA NFL College No College Degree 39 13 Degree 60 98
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.)
Leave all probabilities as percentages. Define x on all problems with data. The biologist wants to estimate the average age of Coyotes in Tuolumne County. Her estimates from past experience suggest the standard deviation is 1.1years. How big of a sample should she take to be 95% sure his estimate is off by no more than 0.2years?

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