According to Franchise business review, over 50% of all food franchises earn a profit ofless than $50,000 a year. In a sample of 142 casual dining restaurants, 81 earned a profitof less than $50,000 last year.a. What is the point estimate of the proportion of casual dining restaurants that earned aprofit of less than $50,000 last year?
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.
According to Franchise business review, over 50% of all food franchises earn a profit of
less than $50,000 a year. In a sample of 142 casual dining restaurants, 81 earned a profit
of less than $50,000 last year.
a. What is the point estimate of the proportion of casual dining restaurants that earned a
profit of less than $50,000 last year?
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