An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.3 P(medium-quality oil) = 0.4 P(no oil) = 0.3 a. What is the probability of finding oil (to 1 decimal)? 0.70 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) = 0.4 P(soil medium-quality oil) = 0.4 P(soil no oil) = 0.2 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil soil) P(medium-quality oil soil) P(no oil soil) What is the new probability of finding oil (to 4 decimals)?

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.3 P(medium-quality oil) = 0.4 P(no oil) = 0.3 a. What is the probability of finding oil (to 1 decimal)? 0.70 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) = 0.4 P(soil medium-quality oil) = 0.4 P(soil no oil) = 0.2 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil soil) P(medium-quality oil soil) P(no oil soil) What is the new probability of finding oil (to 4 decimals)?

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section: Chapter Questions

Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...

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