A convenience store has made up 20 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Six bags contain mer- chandise worth $2.00, and four bags contain merchan- dise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss?
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 convenience store has made up 20 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Six bags contain mer- chandise worth $2.00, and four bags contain merchan- dise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss?
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