Solution-Find a two-sided interval

Find a two-sided interval

Reference no: EM131551820

Question: Refer to the Oil Field Production case in Consider the 52 wells completed using the first method, and assume that oil production from wells like those on the field in question is approximately normally distributed.

(a) Find a two-sided interval that has a 95 % chance of containing oil production values from 95 % of all wells like the 52.

(b) Find a two-sided interval that has a 95 % chance of containing the total oil production of the next well drilled in the same manner as the 52.

(c) Find a lower bound, B, such that one can be 99 % sure that 90 % of all wells drilled in the same manner as the 52 will produce B or more barrels of oil.

Reference no: EM131551820

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Find a two-sided interval : Refer to the Oil Field Production case in Consider the 52 wells completed using the first method, and assume that oil production from wells.

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Find a two-sided interval

Reference no: EM131551820

Reference no: EM131551820

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