Mathematics, 25.02.2020 17:51, needhelpasap4900
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)?
b. After 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(Soil /High- quality oil) = ?
P(Soil/medium - quality oil)= ?
P (Soil/no oil)= ?
c. What is the new probability of finding oil (to 4 decimals)?
Answers: 1
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An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the foll...
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