Bonus #2: Three compounds were created to combat the virus outbreak, compound W, compound V, and compound Y. The cost to produce compound W was $500, the cost to produce compound V was $600, and the cost to produce compound Y was $1000. Compound Y was the best and so was used 49% of the time, compound W was used 27% of the time and compound V was used 24% of the time. Knowing this, what is the expected price of the compound used to cure the virus? Bonus #3: Using the information in Bonus #2, determine the standard deviation for the expected price
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.
Bonus #2: Three compounds were created to combat the virus outbreak, compound W, compound V, and compound Y. The cost to produce compound W was $500, the cost to produce compound V was $600, and the cost to produce compound Y was $1000. Compound Y was the best and so was used 49% of the time, compound W was used 27% of the time and compound V was used 24% of the time. Knowing this, what is the expected price of the compound used to cure the virus?
Bonus #3: Using the information in Bonus #2, determine the standard deviation for the expected price
Bonus #4
The average of the ages of victims is calculated in question #9, using this average calculate a 95% confidence interval of the true average age of victims and interpret it in words
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