Find the expected value of the psychic's profit by filling in the boxes below with you answers. Use decimal notation. If your answer is not a whole number, round to the nearest tenths place. Psychic's profit for Boy: $ Psychic's profit for Girl: $ Expected value: $
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.
A "psychic" runs the following ad in a magazine:
Expecting a baby? Renowned psychic will tell you the sex of the unborn child from any photograph of the mother.
Cost, $20. Money‑back guarantee.
This may be a profitable con game. Suppose that the psychic simply replies "boy" to all inquiries. In the worst case, everyone who has a girl will ask for her money back.
| Sex of child | Probability | The psychic's profit |
| Boy | 0.51 | |
| Girl | 0.49 |
The
Find the expected value of the psychic's profit by filling in the boxes below with you answers.
Use decimal notation. If your answer is not a whole number, round to the nearest tenths place.
Psychic's profit for Boy: $
Psychic's profit for Girl: $
Expected value: $
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