An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. a. What is the probability of finding oil (to decimals)? 0.55 b. After feet of drilling on the first well, a soil test is

Question

Question

Answer 1

Similar Homework Help Questions

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following...

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.25 P(medium-quality oil) = 0.20 P(no oil) = 0.55 If required, round your answers to two decimal places. (a) What is the probability of finding oil? (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 as followsP(soil | high-quality oil) = 0.20 P(soil | medium-quality oil) = 0.80 P(soil...
An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following...

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.40 P(medium-quality oil) = 0.15 P(no oil) = 0.45 a. What is the probability of finding oil (to 2 decimals)? 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) = 0.20 P(soil medium-quality oil) = 0.85 P(soil no oil) = 0.20 Given the...