A large national producer of canned foods plans to purchase 100 combines that are to be customized for its needs. One of the parts used in the combine is a replaceable blade for harvesting corn. Spare blades can be purchased at the time the order is placed for $100 each, but will cost $1,000 each if purchased at a later time because a special productionrun will be required.It is estimated that the number of replacement blades required by a combine over its useful lifetime can be closely approximated by a normal distribution with mean 18 and standard deviation 5.2. The combine maker agrees to buy back unused blades for $20 each. How many spare blades should the company purchase with the combines?
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 large national producer of canned foods plans to purchase 100 combines that are to be customized for its needs. One of the parts used in the combine is a replaceable blade for harvesting corn. Spare blades can be purchased at the time the order is placed for $100 each, but will cost $1,000 each if purchased at a later time because a special production
run will be required.
It is estimated that the number of replacement blades required by a combine over its useful lifetime can be closely approximated by a
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