Suppose your computer chip production and sale business produces a basic one and one for gamers. Last year, 40% of the chips sold were basic. Of the base model buyers, 30% buy an extended warranty, while 50% of the gamer model buyers do the same. If a randomly selected buyer is known to have an extended warranty, the probability that they have a base model is:
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 your computer chip production and sale business produces a basic one and one for gamers. Last year, 40% of the chips sold were basic. Of the base model buyers, 30% buy an extended warranty, while 50% of the gamer model buyers do the same. If a randomly selected buyer is known to have an extended warranty, the probability that they have a base model is:
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