Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successes!), whereas the other 70% want a used copy. Consider randomly selecting 25 purchasers. a. What are the mean value and standard deviation of the number who want a new copy of the book? b. What is the probability that the number who want new copies is more than two standard deviations away from the mean value? c.The bookstore has 15 new copies and 15 used copies in If 25 people come in one by one to purchase this text, what is the probability that all 25 will get the type of book they want from current stock? [ Hint: Let X= the number who want a new copy.For what values of X will all 25 get what they want?] d. Suppose that new copies cost $lOO and used copies cost Assume the bookstore currently has 50 new copies and 50 used copies. What is the expected value of total revenue from the sale of the next 25 copies purchased? Be sure to indicate what rule of expected value you are using.[ Hint: Let h(x) = the revenue when X of the 25 purchasers want new copies. Express this as a linear function.]
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.
Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successes!), whereas the other 70% want a used copy. Consider randomly selecting 25 purchasers.
a. What are the
b. What is the probability that the number who want new copies is more than two standard deviations away from the mean value?
c.The bookstore has 15 new copies and 15 used copies in If 25 people come in one by one to purchase this text, what is the probability that all 25 will get the type of book they want from current stock? [ Hint: Let X= the number who want a new copy.For what values of X will all 25 get what they want?]
d. Suppose that new copies cost $lOO and used copies cost Assume the bookstore currently has 50 new copies and 50 used copies. What is the expected value of total revenue from the sale of the next 25 copies purchased? Be sure to indicate what rule of expected value you are using.[ Hint: Let h(x) = the revenue when X of the 25 purchasers want new copies. Express this as a linear
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