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# Preliminary geologic studies have assigned the following probabilities of finding oil: P(high quality oil)=0.50, P(medium quality oil)=0.20, P(no...

Preliminary geologic studies have assigned the following probabilities of finding oil: P(high quality oil)=0.50, P(medium quality oil)=0.20, P(no oil)=0.30. Challenging Problem #2) An oil company has purchased an option on land in Alaska. You are given the following information: i) The probability that player A wins match 1 is .5 ii) The probability that player A wins match 2 is .5 iii) The probability that player B wins match 2 given player A loses match 1 is .6 What is the probability that player B wins at least one of the two matches? 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 (+ or -) are as follows. P(+ | high quality oil)=0.20, P(+ | medium quality oil)=0.80, P(+ | no oil)=0.20. A. What is the probability of a positive soil test? B. Given a postive soil test, what are the revised probabilities of finding the three different types of oil? C. How should the firm interpre