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Question: In Problem, calculate the probability that the test is positive and a dome structure exists [P(+ and Dome)]. Now calculate the probability of a positive result, a dome structure, and a dry hole [P(+ and Dome and Dry)]. Finally, calculate P(Dome | + and Dry).
Problem: In the oil-wildcatting problem, suppose that the company could collect information from a drilling core sample and analyze it to determine whether a dome structure exists at Site 1. A positive result would indicate the presence of a dome, and a negative result would indicate the absence of a dome. The test is not perfect, however. The test is highly accurate for detecting a dome; if there is a dome, the test shows a positive result 99% of the time. On the other hand, if there is no dome, the probability of a negative result is only 0.85. Thus, P(+ | Dome) = 0.99 and P(- | No Dome) = 0.85. Use these probabilities, the information given in the example, and Bayes' theorem to find the posterior probabilities P(Dome | +) and P(Dome | -). If the test gives a positive result, which site should be selected? Calculate expected values to support your conclusion. If the test result is negative, which site should be chosen? Again, calculate expected values.
In a survey of 125 dancers, 73 knew the ballroom dances, 62 knew the Latin dances, and 49 knew the swing dances. Of these, 23 knew the ballroom and swing dances, 35 knew the ballroom and Latin dances, and 29 knew the Latin and swing dances. Twelve da..
Discuss the advantages and disadvantages of the following strategies in control chart design. In particular, what are the economic trade-offs attendant to each.
Megley Cheese Company is a small manufacturer of several different cheese products. One of the products is a cheese spread that is sold to retail outlets.
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Your company just purchased office furniture (asset class 00.11) for $100,000 and placed it in service on August 13, 2007.
A vision system is designed to measure the angle at which the arm of a robot deviates from the vertical; however, the vision system is not totally accurate.
Do diminishing marginal returns to a factor imply diminishing average returns to a factor?
Consider two-dimensional potential flow into a step contraction as in Fig. The inlet velocity U1 = 7 m/s, and the outlet velocity U2 is uniform. The nodes (i, j) are labelled in the figure. Set up the complete finite-difference algebraic relation ..
If he decides that his investment in the stock of company A is to exceed his investment in the stock in company B by at least $20,000, determine how much he should invest in the stock of each company in order to maximize the return on his investme..
KPS Communications is planning to bring wireless Internet access to the town of Ames, Iowa. Using a geographic information system, KPS has divided Ames into the following 5 by 5 grid. The values in each block of the grid indicate the expected annu..
Develop an appropriate forecast model for the bank to use to forecast Treasury note rates in the future and indicate how accurate it appears to be compared to historical data.
Using a significance level of 5%, test whether the two regressors Saturation and Transisomers have the same effect on the response. Find the 95% confidence interval for the expected value of Y corresponding to X1 = 30 and X2 = 15
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