An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.
P(high quality oil) = 0.50
P(medium quality oil) = 0.20
P(no oil) = 0.30
(a) What is the probability of finding oil?
If required, round your answer to two decimal places.
P(Oil) =
(b)After 200 feet of drilling on the first well, a soil test is made. The probabilities of finding the particular type of soil identified by the test are
P(soil | high quality oil) = 0.20
P(soil | medium quality oil) = 0.80
P(soil | no oil) = 0.20
What are the revised probabilitie

Question

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.
P(high quality oil)	= 0.50
P(medium quality oil)	= 0.20
P(no oil)	= 0.30
(a)	What is the probability of finding oil?
If required, round your answer to two decimal places.
P(Oil) = 
(b)After 200 feet of drilling on the first well, a soil test is made. The probabilities of finding the particular type of soil identified by the test are
P(soil | high quality oil)	= 0.20
P(soil | medium quality oil)	= 0.80
P(soil | no oil)	= 0.20
What are the revised probabilitie