28. The Business School at State University currentlyhas three parking lots, each containing 155 spaces.Two hundred faculty members have been assignedto each lot. On a peak day, an average of 70% of alllot 1 parking sticker holders show up, an average of72% of all lot 2 parking sticker holders show up, andan average of 74% of all lot 3 parking sticker holdersshow up.a. Given the current situation, estimate the probabilitythat on a peak day, at least one faculty memberwith a sticker will be unable to find a spot. Assumethat the number who show up at each lot is independent of the number who show up at the othertwo lots. Compare two situations: (1) each personcan park only in the lot assigned to him or her, and(2) each person can park in any of the lots (pooling).(Hint: Use the RISKBINOMIAL function.)b. Now suppose the numbers of people who showup at the three lots are highly correlated (correlation 0.9). How are theresults different from thosein part a
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.
28. The Business School at State University currentlyhas three parking lots, each containing 155 spaces.Two hundred faculty members have been assignedto each lot. On a peak day, an average of 70% of all
lot 1 parking sticker holders show up, an average of72% of all lot 2 parking sticker holders show up, andan average of 74% of all lot 3 parking sticker holdersshow up.a. Given the current situation, estimate the probabilitythat on a peak day, at least one faculty memberwith a sticker will be unable to find a spot. Assumethat the number who show up at each lot is independent of the number who show up at the othertwo lots. Compare two situations: (1) each personcan park only in the lot assigned to him or her, and
(2) each person can park in any of the lots (pooling).
(Hint: Use the RISKBINOMIAL
b. Now suppose the numbers of people who show
up at the three lots are highly correlated (
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