An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.35 P(medium-quality oil) = 0.20 P(no oil) 0.45 If required, round your answers to two decimal places. (a) What is the probability of finding oil? (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 as follows. P(soil | high-quality oil) = 0.20 P(soil | medium-quality oil) = 0.80 P(soil | no oil) = 0.20 How should the firm interpret the soil test? The probability of finding oil is good. Given the probability of finding good soil, the oil company is more likely to find - Select your answer What are the revised probabilities? Events High Quality (A1) Medium Quality (A2) No Oil (A3) P(A₁) What is the new probability of finding oil? P(S | A₁) P(S)= P(Ains) P(Ai | S) oil.

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.35 P(medium-quality oil) = 0.20 P(no oil) 0.45 If required, round your answers to two decimal places. (a) What is the probability of finding oil? (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 as follows. P(soil | high-quality oil) = 0.20 P(soil | medium-quality oil) = 0.80 P(soil | no oil) = 0.20 How should the firm interpret the soil test? The probability of finding oil is good. Given the probability of finding good soil, the oil company is more likely to find - Select your answer What are the revised probabilities? Events High Quality (A1) Medium Quality (A2) No Oil (A3) P(A₁) What is the new probability of finding oil? P(S | A₁) P(S)= P(Ains) P(Ai | S) oil.

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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