A realtor is trying to sell a large piece of property. She believes there is a 0.90 probability that the property will be sold in the next 6 months if the local economy continues to improve throughout the period, and a 0.50 probability the property will be sold if the local economy does not continue its improvement during the period. A state economist consulted by the realtor believes there is a 0.70 chance the economy will continue its improvement during the next 6 months. What is the probability that the piece of property will be sold during the period?
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 realtor is trying to sell a large piece of property. She believes there is a 0.90
continues to improve throughout the period, and a 0.50 probability the property will
be sold if the local economy does not continue its improvement during the period. A state economist consulted by the realtor believes there is a 0.70 chance the economy will continue its improvement during the next 6 months. What is the probability that
the piece of property will be sold during the period?
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