Mendelev Company is a small producer of several coffee products. One of the products is Kapeng Barrack’o that is sold to retail outlets. Jensen Mendelev must decide how many boxes of the Kapeng Barrack’o to produce each month. The probability that the demand will be six boxes is 0.1, for seven boxes is 0.3, for 8 boxes is 0.5, and for 9 boxes is 0.1. The cost of every box is P400, and the price that Jensen gets for each box is P800. Unfortunately, any boxes not sold at the end of the month are of no value due to spoilage. How many boxes of Kapeng Barrack’o should Jensen produce each month?
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.
Problem 1:
Mendelev Company is a small producer of several coffee products. One of the products is Kapeng Barrack’o that is sold to retail outlets. Jensen Mendelev must decide how many boxes of the Kapeng Barrack’o to produce each month. The
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