An item with a price relative of 132 cost $10.75 in 2011. Its base year was 1994.a. What was the percentage increase or decrease in cost of the item over the 17-year period?b. What did the item cost in 1994?
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.
An item with a price relative of 132 cost $10.75 in 2011. Its base year was 1994.
a. What was the percentage increase or decrease in cost of the item over the 17-year period?
b. What did the item cost in 1994?
Step by step
Solved in 2 steps with 2 images
