An oll company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities, P( high-quelity oil )
P( mediun-quality oil )
P(no ofl )
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=0.40
=0.25
=0.35
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a. What is the probability of finding oil (to 2 decimals)? b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P( soll|high-qunlity oil )=0.20
P( noll|medium-quality oil) =0.80
P( soll|no oil) =0.20
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Given the soil found In the test. use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil|soil) P( medium-quality oil|soll) P(no oil|soll) What is the new probability of finding oil (to-4 decimats)?