A geological study indicates that an exploratory oil well should strike oil with probability . a. What is the probability that the first strike comes on the third well drilled?
b. What is the probability that the third strike comes on the seventh well drilled?
c. What assumptions did you make to obtain the answers to parts (a) and (b)?
d. Find the mean and variance of the number of wells that must be drilled if the company wants to set up three producing wells.