A concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table. Weather Attendance Probability wet, cold 6000 0.2 wet, warm 25000 0.1 dry, cold 15000 0.2 dry, warm 60000 0.5 (a) What is the expected attendance? (b) If tickets cost $25 each, the band will cost $200,000, plus $50,000 for administration. What is the expected profit?
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.
A concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.
| Weather | Attendance | Probability |
| wet, cold | 6000 | 0.2 |
| wet, warm | 25000 | 0.1 |
| dry, cold | 15000 | 0.2 |
| dry, warm | 60000 | 0.5 |
(a) What is the expected attendance?
(b) If tickets cost $25 each, the band will cost $200,000, plus $50,000 for administration. What is the expected profit?
(a)
The expected attendance can be calculated as
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