1. An oil company conducts a geological study that indicates
that an exploratory oil well should have a 25% chance of striking
oil.
Part (a): What is the probability that the first strike comes on
the third well drilled?
Part (b): What is the probability that the third strike comes on
the seventh well drilled?
Part (c): What is the mean of the number of wells that must be
drilled if the oil company wants to set up three producing
wells?
Part (d): What is the variance of the number of wells that must be
drilled if the oil company wants to set up three producing
wells?
2. An oil company conducts a geological study that indicates
that an exploratory oil well should have a 30% chance of striking
oil.
Part (a): What is the probability that the third strike comes on
the seventh well drilled?
Part (b): What is the mean of the number of wells that must be
drilled if the oil company wants to set up three producing
wells?
Part (c): What is the variance of the number of wells that must be
drilled if the oil company wants to set up three producing
wells?
1(a)
Let X is a random variable shows the number of well drilled till first strike. Here X has geometric distribution with parameter p = 0.25. The probability that the first strike comes on the third well drilled is
Answer: 0.1406
(b)
Let X is a random variable shows the number of well drilled till third strike. Here X has negative binomial distribution with parameters r=3 and p = 0.25. The probability that the third strike comes on the seventh well drilled is
Answer: 0.0746
(c)
Using distribution of part b:
Answer: 12
(d)
Using distribution of part b:
Answer: 9
1. An oil company conducts a geological study that indicates that an exploratory oil well should...
PLEASE SHOW ALL WORK Examples An oil company conducts a geological study that indicates that an exploratory oil well should have a 20% chance of striking oil. What is the probability that the third strike comes on the seventh well drilled?
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