A store has 25 assorted grab bags on sale for $3 each. Fifteen of the bags contain $3 worth of merchandise, six contain $2 worth, two contain $5 worthof merchandise, and there areone each containing $10 & $20 worth of merchandise. Suppose that you purchase one bag, what is your expected gain or loss? Is this a fair game? What if you purchased 2 bags, 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.
2. A store has 25 assorted grab bags on sale for $3 each. Fifteen of the bags contain $3 worth of merchandise, six contain $2 worth, two contain $5 worthof merchandise, and there areone each containing $10 & $20 worth of merchandise. Suppose that you purchase one bag, what is your expected gain or loss? Is this a fair game? What if you purchased 2 bags, what is your expected gain or loss?
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
