An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.P(high-quality oil) = 0.3P(medium-quality oil) = 0.4P(no oil) = 0.3a. What is the probability of finding oil (to 1 decimal)?0.70b. 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 aregiven below.P(soil high-quality oil) = 0.4P(soil medium-quality oil) = 0.4P(soil no oil) = 0.2Given 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)?

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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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refers to the flatness or peakedness of a frequency distribution. О а. Combination O b. Kurtosis c. none of the above O d. Conditional Probability
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Need question d and e answers
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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
Given Probabilities y = 1 y = 2 x = 1 x = 2 0.2 0.3 0.5 Find: а. Pr(X > Y) %3 b. Pr(Y = 1) =
Let Y = 3X – 1, where X is a random variable that is distributed uniformly from 10 to 50. Answer the following questions.a. What is the probability that X takes any value from 20 to 30? Draw the distribution and identify this probability in the distribution. Show your calculations.b. Calculate the expected value of X in addition to the variance and standard deviation of X. Show your calculations.c. Calculate the expected value of Y in addition to the variance and standard deviation of Y. Show your calculations.
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