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The Mobile Oil company has recently required oil rights to a new potential scource of natural oil in Alaksa. The current market value of these rights is $90,000. If there is natural oil at the site, it is estimated to be worth $800,000; however, the company would have to pay $100,000 in drilling costs to extract the oil. The company believes there is a .25 probability that the proposed drilling site is actually would hit the natual oil reserve. Alternatively, the company can pay $30,000 to first carry out a seismic survey at the proposed drilling site. The probability of a favorable seismic survey when oil is present at the drilling site is 0.6. The probability of an unfavorable seismic survey when no oil is present is 0.80.
a. What is the probability of a favorabale seismic survey?
b. What is the probability of an unfavorable survey?
c. Construct a decision tree for this problem
d. What is the optimal decision strategy using the EMV criterion?
e. To which financial estimate in the decision tree is the EMV most sensitive?
a local environmental organization is interested determining if the proportion of red cars in a city has increased from
The marketing slogan will be "Why Pay for Storage Capacity that You Don't Need?" Based on the data from the study of iPod owners, what percentage of owners, based on their current usage, would have enough capacity with the new 1-GB player?
Write a Verilog description for the multiplexer in the above figure by using a process containing a case statement rather than the continuous assignment statements.
We are investigating wallabies. We know that the overall population of adult wallabies can jump, on average, 22 feet in one leap. We find a group of 14 wallabies that are particularly tall, living off by themselves in some corner of habitat.
Suppose that the probability that the student knows the answer to the question is 0.80 and the probability that the student guesses is 0.20. What is the probability that the fixed question is answered correctly?
Department decided to conduct the test at the 0.05 level of significance whether the modification actually increased the life of the AAA battery. What was their decision rule?
experiment consists of tossing a coin h t and then selecting a vowel a e i o u.a. what is the sample space in this
Compute the z score for the data company. Considering the altman model, comment on the likelihood that this firm will experience financial failures.
explain what problems arise in trying to make conclusions based on a survey mailed to the subscribers of a specialty
how many binary sequences of length 18 are there that start with a run of 1s - that is a conseuctive sequence of at
The sample yielded a mean content of 11.88 ounces, with a standard deviation of 0.24 ounces. Use a 0.05 level of significance and test to see if the machine is in perfect adjustment (perform all six steps of hypothesis testing, including p-values)..
a coach uses a new technique in training middle distance runners. the times for 8 different athletes to run 800 meters
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