The following is a payoff table giving profits for various situations. States of Nature Alternatives A B C Alternative 1 100 120 160 Alternative 2 120 140 120 Alternative 3 200 100 50 Do Nothing 0. The probabilities for states of nature A, B, and C ar 0.3,0.5, and 0.2, respectively. If a person selected Alternative 1, what would the expected profit (EV) be? Answer:

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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.