Homework SourseAn oil exploration firm is formed with enough capital to fin
An oil exploration firm is formed with enough capital to finance 10 explorations. The probability of a particular exploration being successful is 0.1. Assume the explorations are independent.
A.) find the mean and the variance of the number of successful explorations out of 10.
B.) if each successful exploration costs $30,000 and each unsuccessful exploration cost $15,000, find the expected total cost to the firm for its 10 explorations.
C.) find the probability that there is at least one successful exploration out of the 10.
An oil exploration firm is formed with enough capital to finance 10 explorations. The probability of a particular exploration being successful is 0.1. Assume the explorations are independent.
A.) find the mean and the variance of the number of successful explorations out of 10.
B.) if each successful exploration costs $30,000 and each unsuccessful exploration cost $15,000, find the expected total cost to the firm for its 10 explorations.
C.) find the probability that there is at least one successful exploration out of the 10.
An oil exploration firm is formed with enough capital to finance 10 explorations. The probability of a particular exploration being successful is 0.1. Assume the explorations are independent.
A.) find the mean and the variance of the number of successful explorations out of 10.
B.) if each successful exploration costs $30,000 and each unsuccessful exploration cost $15,000, find the expected total cost to the firm for its 10 explorations.
C.) find the probability that there is at least one successful exploration out of the 10.
Solution
