Chrome File Edit View History Bookmarks Profiles Tab Window Help C B O Q Mon Jun 13 6:24 PM !: Document X Content X Save on C X Save on C X Microsoft X Mail - Aar X Homewor X WebAssig X PDF C webassign.net/web/Student/Assignment-Responses/last?dep=29282904 Update An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. Son1 6- ice_of_buyers e...ct. 2022010terminat4_221.pdf lame P(high-quality oil) = 0.50 58.pd P(medium-quality oil) = 0.20 formation_ab P(no oil) = 0.30 PDE broker... 1678. PDF What is the probability of finding oil? SWilson-LBPA RUM CONV 10_25 .200 060- s_disclosure _notice_...441gpdferal na ice_ .pdf (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 follow. Wilson-1_6_22 P(soil | high-quality oil) = 0.20 locure 2205 ROEM.pdf P(soil | medium-quality oil) = 0.80 SWilson-Updated P(soil | no oil) = 0.20 PDF SD.pdf How should the firm interpret the soil test? Calculate the revised probabilities by completing the table below. (Round your answers to two decimal places.) amendment 1 11 of Buyerss58124.pdf a...act - 221 Events P(A.) P(S | A,) P(A; n s) P(A; I S) High Quality (A1) 0.50 0.20 Medium Quality (A2) 0.20 0.80 No Oil (A3) 0.30 0.20 losing Total 1.00 P(S) = 1.00 What is the new probability for finding oil after finding this particular type of soil? (Round your answer to two decimal places.) Amen P(oil | S) = Is the company more likely or less likely to find oil after the results of the test? O more likely O less likely endm Do the new probabilities favor medium or high quality oil? g1 PDF 419 Private'Ra Signed PDF O medium quality oil ORRECT NONGNED..cu.pdf Sopagreen O high quality oil REALTY.pdf summer 2 JUN 15075 13 istv A o