Market research has shown that 60% of persons who are introduced to a certain product actually buy the product. A random sample of 15 persons were introduced to the product. Define the variable of interest for this scenario. What probability distribution do you think best describes the situation? Why? Also, Calculate the probability that exactly 9 will buy the product. And If 80 persons are introduced to the product, determine the number of persons who are expected to buy the product.
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.
Market research has shown that 60% of persons who are introduced to a certain product actually buy the product. A random sample of 15 persons were introduced to the product.
Define the variable of interest for this scenario. What
Also, Calculate the probability that exactly 9 will buy the product. And If 80 persons are introduced to the product, determine the number of persons who are expected to buy the product.
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