Many utility companies promote energy conservation by offering discount rates to consumers who keep their energy usage below certain established subsidy standards. A recent EPA report notes that 70% of the island residents have reduced their electricity usage sufficiently to qualify for discounted rates. If five residential subscribers are randomly selected, find the probability of each of the following events: i. All five qualify for favourable rates
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.
Many utility companies promote energy conservation by offering
discount rates to consumers who keep their energy usage below certain
established subsidy standards. A recent EPA report notes that 70% of
the island residents have reduced their electricity usage sufficiently to
qualify for discounted rates. If five residential subscribers are randomly
selected, find the
i. All five qualify for favourable rates
ii. At least four qualify for the favourable rates.
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