P(medium-quality oil) = 0.20 P(no oil) = 0.35 a. What is the probability of flnding oil (to 2 decimals)? .65 b. After 200 feet of drilling on the first well, a soil test is taken, The probabilties of finding the particular type of soil identified by.the test are given below. P(soil high-quality oil) 0.25 P(soilmedium-quality oil) = 0.85 P(soil no oil) = 0.25 Given the sol found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimais). P(high-quality oilsoil) P(medium-quality oil soil) P(no oillsoil) 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 yeur anawert 00
P(medium-quality oil) = 0.20 P(no oil) = 0.35 a. What is the probability of flnding oil (to 2 decimals)? .65 b. After 200 feet of drilling on the first well, a soil test is taken, The probabilties of finding the particular type of soil identified by.the test are given below. P(soil high-quality oil) 0.25 P(soilmedium-quality oil) = 0.85 P(soil no oil) = 0.25 Given the sol found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimais). P(high-quality oilsoil) P(medium-quality oil soil) P(no oillsoil) 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 yeur anawert 00
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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Transcribed Image Text:O An oll company purchased an option on land in Alaska, Preliminary geologic studies assigned the following prior probabilities.
P(high-quality oil) = 0.45
P(medium-quality oil) = 0.20
P(no oil) = 0.35
a. What is the probability of finding oll (to 2 decimals)?
.65
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 given below.
P(soil|high-quality oil) = 0.25
%!
P(soil medium-quality oil) = 0.85
P(soil no oil) = 0.25
Given 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 answer
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