If volume is high this week, then next week it will be high with a probability of 0.9 and low with a probability of 0.1. (ii) If volume is low this week then it will be high next week with a probability of 0.5. Assume tha
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.
(i) If volume is high this week, then next week it will be high with a
(ii) If volume is low this week then it will be high next week with a probability of 0.5.
Assume that state 1 is high volume and that state 2 is low volume.
1. If the volume this week is high, what is the probability that the volume will be high two weeks from now?
2. What is the probability that volume will be high for three consecutive weeks?
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