O An oll company purchased an option on land in Alaska, Preliminary geologic studies assigned the following prior probabilities.P(high-quality oil) = 0.45P(medium-quality oil) = 0.20P(no oil) = 0.35a. What is the probability of finding oll (to 2 decimals)?.65b. 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) = 0.25%!P(soil medium-quality oil) = 0.85P(soil no oil) = 0.25Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimais).P(high-quality oiljsoil)P(medium-quality oil soil)P(no oilsoil)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 answerO teon Key

Here given probability of type of oil Here use Bayes theorem

Answered: P(medium-quality oil) = 0.20 P(no 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...

See similar textbooks

Similar questions

?) H Assume that a randomly selected subject is given a bone density test. Those test scores are normally distributed with a mean of 0 and a standard deviation of 1. Draw a graph and find the probability of a bone density test score greater than 0.31. Sketch the region. Choose the correct graph below. A. В. O C. O D. -0.31 0.31 0.31 -0.31 0.31 The probability is. (Round to four decimal places as needed.) Question Viewer rce
Using table 2, find the probability that an accident victim was from Connecticut and had no restraints on. Detail your answer using the lettering given, e.g., P (A or C) = ... Table 2: Relative Frequencies Table A B Restraints No Restraints C California 0.622 0.309 0.931 D Connecticut 0.042 0.026 0.069 0.664 0.336 1.000
Ho;p=0.77 H1;p>077 your sample consists of 136 subjects, with 100 sucesses calculate the t statistics rounded to 2 decimal places
From this geometruc distrubtion. (0.45)8(0.55). What does the 8 represent? 1. Probability of failure 2. Probability of success 3. The number of failurees 4. Number of sucesses
Plot the appraisal price in dollars that can be paid for combined lease bonus and speculative drilling cost using the following risk: 1,5, and 10 %. The prospect is a 80- acre tract, pay thickness is 100 ft. The probability of dry hole is set at 50%. If the well is successful, recovery in bbls per acre-ft may be as low as 100 to as high as 200, with most probable recovery being 150 bbl/acre-ft. Operating profit may be taken as $ 3 per barrel. Completion costs for a successful well will exceed the cost of a dry well by $40,000. Assume the exploration budget is 0, 3, 6 and 10 MM dollars
z score area between -1.425 and 1.425 find out shaded area of given data and also find probability in percentage
Using the standard normal table in the Toolbox, determine a Z-value. Each response must include three numerical values and be rounded to the hundredths place. Question 1 The cumulative area to Z is 0.80. Question 2 The cumulative area to Z is 0.1762. Question 3 The area between Z and negative infinity is 0.6664. Question 4 The area between Z and positive infinity is 0.119.
Q 10. D c (careful!). ifferentiate lIn

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS