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oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = .50 P(medium-quality oil) = .20 P(no oil) = .30 What is the probability of finding oil (to 1 decimal)? .7 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 follow. P(soil | high-quality oil) = .20 P(soil | medium-quality oil) = .80 P(soil | no oil) = .20 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 2 decimals). P(high-quality oil | soil) .50 P(medium-quality oil | soil) .80 P(no oil | soil) .20 What is the new probability of finding oil (to 2 decimals)? What quality oil is most likely to be found, according to the revised probabilities? Select

oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = .50 P(medium-quality oil) = .20 P(no oil) = .30 What is the probability of finding oil (to 1 decimal)? .7 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 follow. P(soil | high-quality oil) = .20 P(soil | medium-quality oil) = .80 P(soil | no oil) = .20 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 2 decimals). P(high-quality oil | soil) .50 P(medium-quality oil | soil) .80 P(no oil | soil) .20 What is the new probability of finding oil (to 2 decimals)? What quality oil is most likely to be found, according to the revised probabilities? Select

MATLAB: An Introduction with Applications
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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An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities: - \( P(\text{high-quality oil}) = 0.50 \) - \( P(\text{medium-quality oil}) = 0.20 \) - \( P(\text{no oil}) = 0.30 \) a. What is the probability of finding oil (to 1 decimal)? - **Answer:** 0.7 ✔️ 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 follow: - \( P(\text{soil} \mid \text{high-quality oil}) = 0.20 \) - \( P(\text{soil} \mid \text{medium-quality oil}) = 0.80 \) - \( P(\text{soil} \mid \text{no oil}) = 0.20 \) Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 2 decimals): - \( P(\text{high-quality oil} \mid \text{soil}) \) = [Input Incorrect] ✖️ - \( P(\text{medium-quality oil} \mid \text{soil}) \) = [Input Incorrect] ✖️ - \( P(\text{no oil} \mid \text{soil}) \) = 0.20 ✔️ What is the new probability of finding oil (to 2 decimals)? - **Input Required:** [Input Incorrect] ✖️ What quality oil is most likely to be found, according to the revised probabilities? - **Selection Required:** [Input Incorrect] ✖️ Avoid errors by ensuring the calculations are accurate while using Bayes' theorem.
Transcribed Image Text:An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities: - \( P(\text{high-quality oil}) = 0.50 \) - \( P(\text{medium-quality oil}) = 0.20 \) - \( P(\text{no oil}) = 0.30 \) a. What is the probability of finding oil (to 1 decimal)? - **Answer:** 0.7 ✔️ 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 follow: - \( P(\text{soil} \mid \text{high-quality oil}) = 0.20 \) - \( P(\text{soil} \mid \text{medium-quality oil}) = 0.80 \) - \( P(\text{soil} \mid \text{no oil}) = 0.20 \) Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 2 decimals): - \( P(\text{high-quality oil} \mid \text{soil}) \) = [Input Incorrect] ✖️ - \( P(\text{medium-quality oil} \mid \text{soil}) \) = [Input Incorrect] ✖️ - \( P(\text{no oil} \mid \text{soil}) \) = 0.20 ✔️ What is the new probability of finding oil (to 2 decimals)? - **Input Required:** [Input Incorrect] ✖️ What quality oil is most likely to be found, according to the revised probabilities? - **Selection Required:** [Input Incorrect] ✖️ Avoid errors by ensuring the calculations are accurate while using Bayes' theorem.
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