About 5% of hourly paid workers in a region earn the prevailing minimum wage or less. A grocery chain offers discount rates to companies that have at leas employees who earn the prevailing minimum wage or less. Complete parts (a) through (c) below. (a) Company A has 285 employees. What is the probability that Company A will get the discount? (Round to four decimal places as needed.) (b) Company B has 503 employees. What is the probability that Company B will get the discount? (Round to four decimal places as needed.) (c) Company C has 1002 employees. What is the probability that Company C will get the discount? (Round to four decimal places as needed.)
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
X follows Binomial distribution with parameters n and p.
If np>5 and n(1-p)>5,
then X approximately follows Normal distribution with mean np and variance np(1-p).
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