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A geological study indicates that an exploratory oil well
Chapter 3, Problem 97E(choose chapter or problem)
Problem 97E
A geological study indicates that an exploratory oil well should strike oil with probability .2.
a What is the probability that the first strike comes on the third well drilled?
b What is the probability that the third strike comes on the seventh well drilled?
c What assumptions did you make to obtain the answers to parts (a) and (b)?
d Find the mean and variance of the number of wells that must be drilled if the company wants to set up three producing wells.
Questions & Answers
QUESTION:
Problem 97E
A geological study indicates that an exploratory oil well should strike oil with probability .2.
a What is the probability that the first strike comes on the third well drilled?
b What is the probability that the third strike comes on the seventh well drilled?
c What assumptions did you make to obtain the answers to parts (a) and (b)?
d Find the mean and variance of the number of wells that must be drilled if the company wants to set up three producing wells.
ANSWER:
Solution:
Step 1 of 3:
A geological study indicates that an exploratory oil well should strike oil with probability 0.2.
We have to find
- The probability that the first strike comes on the third well drilled.
- The probability that the third strike comes on the seventh well drilled.
- The assumptions made to obtain the answers to part (a) and (b).
- The mean and variance of the number of wells that must be drilled if the company wants to set up three producing wells.