The Web site for a stationery retailer receives 1,000 hits on a particular day. From past experience it has been determined that every 1,000 hits results in 15 large sales of at least $500 and 200 small sales of less than $500. Assuming that all hits have the same probability of a sale, what is the probability of a large sale from a particular hit? What is the probability of a small sale? What is the probability of any sale?
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.
The Web site for a stationery retailer receives 1,000 hits on a particular day. From past experience it has been determined that every 1,000 hits results in 15 large sales of at least $500 and 200 small sales of less than $500. Assuming that all hits have the same
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