Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

d) Which probability(ies) in the tree is/are conditional? Select all that apply. :I A. The probability of a well getting environmental approval :I B. The

image text in transcribedimage text in transcribedimage text in transcribed
d) Which probability(ies) in the tree is/are conditional? Select all that apply. :I A. The probability of a well getting environmental approval :I B. The probability of a well being economical :I C. The probability of a well being dry :I D. The probability of a well being not dry :I E. The probability of a well not being economical :I F. The probability of a well not getting environmental approval 6) lfthe oil company were to drill an exploratory well in the Arctic, what is the probability that the company would actually extract oil from it? D (Round to four decimal places as needed.) An oil company executive and an executive of a mining company met during a conference. "They say 30% of the world's undiscovered oil is in the Arctic," started the oil man. "We've dri||ed 64 exploratory wells and all but 10 of them were dry. Only 3 of those 10 are economical with the oil prices being projected for the next 10 years. The good news is that 85% of these projects get environmental approvals." The mining executive replied, "It'sjust as bad in mining. We know where there's uranium, but with the current unpopularity of nuclear power, we estimate the chance of it being protable is less than 9%." Complete parts (a) through (e) below. 0.0380 Approved 0.15 Economical 0.300 0.85 0.700 Not Approved 0.2152 Not dry 0.844 0.5908 Not economical 0.156 Dry 0.156 10 Dry = 64 = 0.156 Not dry = 1 - 0.156 = 0.844 3 Economical = 10 = 0.300 Not economical = 0.844(0.700)= 0.5908 Total probability: 0.156+0.5908+0.2152+0.380= 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applied Linear Algebra

Authors: Peter J. Olver, Cheri Shakiban

1st edition

131473824, 978-0131473829

More Books

Students also viewed these Mathematics questions