A lab orders a shipment of 199 rats a week, 52 weeks a year, from a rat supplier for experiments that the lab conducts. Prices for each weekly shipment of rats follow the distribution below: Price $10.00 $12.50 $15.00 Probability 0.4 0.25 0.35 How much should the lab budget for next year's rat orders assuming this distribution does not change. (Hint: How much should they EXPECT to pay?)
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 lab orders a shipment of 199 rats a week, 52 weeks a year, from a rat supplier for experiments that the lab conducts. Prices for each weekly shipment of rats follow the distribution below:
Price | $10.00 | $12.50 | $15.00 |
Probability | 0.4 | 0.25 | 0.35 |
How much should the lab budget for next year's rat orders assuming this distribution does not change. (Hint: How much should they EXPECT to pay?)
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