Texas Oil owns a parcel of land that has the potential for containing much oil, some oil,
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Based on historical data from the surrounding area, Texas Oil has assessed the probabilities of much, some, and no oil to 0.1, 0.3, and 0.6 respectively.
a. Choose the best option for Texas Oil using the probability data.
b. What is the most Texas Oil should pay for additional information about the probability of oil underground?
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a Drill 01 20 03 07 06 18 067 million Dont dril...View the full answer
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