consumer electronics store stocks four alarm clock radios. If it has fewer than four clock radios available at the end of a​ week, the store restocks the item to bring the​ in-stock level up to four. If weekly demand is greater than the four units in​ stock, the store loses sales. The radio sells for ​$27 and costs the store ​$14. The manager estimates that the probability distribution of weekly demand for the radio is as shown in the provided data table. Complete parts a through d below.   a. What is the expected weekly demand for the alarm clock​ radio?   The expected weekly demand is 3.783.78. ​(Type an integer or a decimal. Do not​ round.) b. What is the probability that weekly demand will be greater than the number of available​ radios?   The probability is 0.220.22. ​(Type an integer or a decimal. Do not​ round.) c. What is the expected weekly profit from the sale of the alarm clock​ radio? (Remember: There are only four clock radios available in any week to meet​ demand.)   The expected weekly profit is ​$nothing. ​(Round to the nearest cent as​ needed.)   d.  On average, how much profit is lost each week because the radio is not available when demanded?   The expected weekly profit lost is?       Weekly_Demand Probability   0 0.03 0 1 0.03 0.03 2 0.11 0.22 3 0.2 0.6 4 0.41 1.64 5 0.09 0.45 6 0.07 0.42 7 0.06 0.42     3.78

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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.