Mr. Alonso owns a building with 120 rooms. He can rent them all if he sets a rent $ 400 monthly per room. With a higher rent, some rooms will be vacant. On average, for every $ 10 rent increase, 2 bedrooms will be vacant without a chance to rent. Find the income function as a function of the number of empty rooms. What rent monthly will maximize total income? What is this maximum income?
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.
Mr. Alonso owns a building with 120 rooms. He can rent them all if he sets a rent $ 400 monthly per room. With a higher rent, some rooms will be vacant. On average, for every $ 10 rent increase, 2 bedrooms will be vacant without a chance to rent. Find the income function as a function of the number of empty rooms. What rent monthly will maximize total income? What is this maximum income?
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