Example An oil corporation is competing for the rights to drill wells in field A and field B. It has a 40 percent chance of drilling a well in field A. If it does, the chances are that The probability of success is 45 percent. It has a 30 percent chance of drilling a well in field B. If it does, the well has a 55 percent chance of being successful. Calculate each of the following: Probabilities are as follows: a) Chances of drilling a successful well in field A, b) the likelihood of a successful well in field

Example An oil corporation is competing for the rights to drill wells in field A and field B. It has a 40 percent chance of drilling a well in field A. If it does, the chances are that The probability of success is 45 percent. It has a 30 percent chance of drilling a well in field B. If it does, the well has a 55 percent chance of being successful. Calculate each of the following: Probabilities are as follows: a) Chances of drilling a successful well in field A, b) the likelihood of a successful well in field

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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You have invested in three different stocks: Engineering Aces, Upton Clothiers, and Thompson Musical Instruments. Because you have diversified your stocks so well, the way they change is independent. The probabilities of the stocks changing in value by more than 10% in a given week are listed below. P(E) = 19% P(U) = 11% P(T) = 7% What is the probability that all three will change by more than 10% in the same week?
Bob, the proprietor of Midway Lumber, bases his projections for the annual revenues of the company on the performance of the housing market. He rates the performance of the market as very strong, strong, normal, weak, or very weak. For the next year, Bob estimates that the probabilities for these outcomes are 0.15, 0.23, 0.41, 0.10, and 0.11, respectively. He also thinks that the revenues corresponding to these outcomes are $25, $18.5, $16.8, $14, and $13 million, respectively. What is Bob's expected revenue for next year? (Round your answer to two decimal places.)$ million
Suppose we have the following information: 1. There is a 60 percent chance that it will rain today. 2. There is a 50 percent chance that it will rain tomorrow. 3. There is a 30 percent chance that it does not rain either day. Find the following probabilities: a. The probability that it will rain today or tomorrow. b. The probability that it will rain today and tomorrow. c. The probability that it will rain today but not tomorrow.
Suppose Alice is deciding whether or not to go to a New York Giants game. Alice's enjoyment and thus decision, depends upon two uncertain events that are out of her control: whether the Giants win and whether it snows. She will be happiest if the Giants win and it does not snow. The newspaper reports a 35% chance for snow and the Giants record suggests a 40% chance of winning. The probability that the Giants lose and it snows is: Select one: O a. 25%. O b. 21%. O C 26%. O d. 95%.
Labor trends were recently studied using a survey of respondents who were either unemployed (A) or employed (B). The survey results revealed that among those surveyed, 70% of those currently unemployed gain employment within the following month, and 30% remain unemployed. Meanwhile, 80% of those currently employed maintain employment through the following month, and 20% become unemployed. Suppose 75% of the population is currently employed. Using the probabilities and states given, what percentage of the population will likely be employed two months from now? (Enter numerical value only. Do not enter % sign. Round the percentage to 1 decimal place, or to the nearest tenth of a percent.)
Two events A and B have the following probabilities: P (A) = 0.4, P (B)= 0.5, and P (A and B) = 0.3. Find P( B and AC).
A realtor who takes the listing on a house to be sold knows that she will spend $700 trying to sell the house. If she sells it herself, she will earn 6% of the selling price. If another realtor sells a house from her list, the first realtor will earn only 3% of the price. If the house remains unsold after 6 months, she will lose the listing. Suppose that probabilities are as follows: Event Probability Sells the house alone 0.50 Sells through another agent 0.40 Does not sell in 6 months 0.10 What is the expected profit from listing a $175,000 house?
Example 8.26 Three salesmen, A, B and C have been given a target of selling 10,000 units of a particu- lar product, the probabilities of their achieving their targets being respectively 0.25, 0.30 and 0.50. If these three salesmen try to sell the product, find the probability of success of only one salesman and failure of the other two.
Given two events G and H, the probabilities of each occurring are as follows: P(G) = 0.35; P(H) = 0.19; P(H AND G) = 0.1. Using this information: Find the complement of P (H AND G). Type answer with 0 in front of decimal to 2 places. If answer is like .2, type 0.2 not .2 or 0.20.
An inspector of the Alaska Pipeline has the task of comparing the reliability of two pumping stations. Each station is susceptible to two kinds of failure –pump failure and leakage. When either (or both) occur, the station must be shut down. The data at hand indicate the following probabilities prevail Station P(pump failure) P(leakage) P(both) 1 0.07 0.10 0 2 0.09 0.12 0.06 Which station has the higher probability of being shut down?
A manufacturing company produces two types of smartphones, A and B. 30% of the smartphones produced are type A, while 70% are type B. The defect rate for type A smartphones is 2%, while the defect rate for type B smartphones is 4%. If a customer receives a defective smartphone, what is the probability that it is of type A? Show your calculations and reasoning.
Given two events G and H, the probabilities of each occurring are as follows: P(G) = 0.25; P(H) = 0.3; P(H AND G) =0.1. Using this information: Find P(H OR G). Type answer with 0 in front of decimal to 2 places. If answer is like .2, type 0.2 not .2 or 0.20.