Assume that a real estate manager has 5 contacts per week, and she believes that for each contact the probability of making a sale is 0.30. Calculate the following if possible. If any part of question (you feel) is not possible to calculate give reason: a. Develop the probability distribution table for sale b. Calculate the expected number of sales per week and variance of sale c. Find the probability that she makes at most 2 sales.
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.
Assume that a real estate manager has 5 contacts per week, and she believes that for each contact the
a. Develop the probability distribution table for sale
b. Calculate the expected number of sales per week and variance of sale
c. Find the probability that she makes at most 2 sales.
d. Find the probability that she makes between 3 and 6 sales (both inclusive).
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