Thirty percent of wells drilled in areas deemed favorable strike oil. A company has 50 wells...

 

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Thirty percent of wells drilled in areas deemed favorable strike oil. A company has 50 wells at different sites. Define S as the number of wells that strike oil out of the 50 sites, and let Q be the proportion of wells owned by the company that strike oil, that is, Q = S/50. %3D What is the distribution of S? State clearly the parameter values associated with the a distribution. b. Calculate the expected proportion of wells that strike oil, E(Q). C. Calculate the variance of Q. Save result to 4 decimal points. Thirty percent of wells drilled in areas deemed favorable strike oil. A company has 50 wells at different sites. Define S as the number of wells that strike oil out of the 50 sites, and let Q be the proportion of wells owned by the company that strike oil, that is, Q = S/50. %3D What is the distribution of S? State clearly the parameter values associated with the a distribution. b. Calculate the expected proportion of wells that strike oil, E(Q). C. Calculate the variance of Q. Save result to 4 decimal points.

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