During a fundraiser, a group sold 100 tickets at $20 each. From the $2000 earnings, half went to the (only) winner of the raffle and the other half went to the group. Determine the expected value for the cost (or profit) of the game by each ticket holder. Finally, determine if the game is fair. 4)The cost/profit (positive or negative) for buying the winning
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.
During a fundraiser, a group sold 100 tickets at $20 each. From the $2000 earnings, half went to the (only) winner of the raffle and the other half went to the group. Determine the expected value for the cost (or profit) of the game by each ticket holder. Finally, determine if the game is fair.
4)The cost/profit (positive or negative) for buying the winning
ticket is X2 =
5)The probability of purchasing the winning ticket is P(X2) =
6)The product X*P(X) for the winning ticket is X2*P(X2)
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