Stadium View Apartment Complex has 20 apartments to rent. Historical data Trend suggests that any time rent increases by $50.00 per month one apartment becomes vacant. The current rent is $400.00 per month. How many $50.00 increases will enable Stadium View Apartments maximize its total monthly rent revenue?
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.
Stadium View Apartment Complex has 20 apartments to rent. Historical data
Trend suggests that any time rent increases by $50.00 per month one apartment
becomes vacant. The current rent is $400.00 per month. How many $50.00
increases will enable Stadium View Apartments maximize its total monthly rent
revenue?
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