A food stand can sell either fruit juice or hot coffee on any given day. If the stand sells fruit juice and the weather is hot, it will make P20,000; if the weather is cold, the profit will be P8,000. If the stand sells hot coffee and the weather is hot, it will make P15,000; if the weather is cold, the profit will be P25,000. The probability of hot weather on a given day at this time is 45%. What is the expected expected profit for selling hot coffee?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A food stand can sell either fruit juice or hot coffee on any given day. If the stand sells fruit juice and the weather is hot, it will make P20,000; if the weather is cold, the profit will be P8,000. If the stand sells hot coffee and the weather is hot, it will make P15,000; if the weather is cold, the profit will be P25,000. The probability of hot weather on a given day at this time is 45%.
What is the expected expected profit for selling hot coffee?
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