contracter is considering a sale that promises a profit of $31,000 with a probability of .7 or a loss (due to bad weahter, strikes, and such) of $4,000 wiht a probability of .3. what is the expected profit?
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 contracter is considering a sale that promises a profit of $31,000 with a probability of .7 or a loss (due to bad weahter, strikes, and such) of $4,000 wiht a probability of .3. what is the expected profit?
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