Determine a casino's expected net income from a 24-hour period at a single roulette table if the casino's total overhead for the table is $40 per hour and if customers place a total of $8,000 on single-number bets, $2,000 on three-number bets, $4,000 on five-number bets, $4,000 on twelve-number bets, $8,000 on even-number bets, and $9,000 on black-number bets. (Assume the expected value of the $1 five-number bet in roulette is −$0.079 and the expected value of all other $1 bets is −$0.053.)
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Determine a casino's expected net income from a 24-hour period at a single roulette table if the casino's total overhead for the table is $40 per hour and if customers place a total of $8,000 on single-number bets, $2,000 on three-number bets, $4,000 on five-number bets, $4,000 on twelve-number bets, $8,000 on even-number bets, and $9,000 on black-number bets. (Assume the expected value of the $1 five-number bet in roulette is −$0.079 and the expected value of all other $1 bets is −$0.053.)
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