One of many items sold at a museum of natural history is a Christmas ornament carved from wood. The gift shop makes a $10 profit per unit sold during the season, but it takes a $5 loss per unit after the season is over. The following discrete probability distribution for the season’s demand has been identified: Demand 10 20 30 40 50 Demand Probability 0.2 0.3 0.3 0.1 0.1 How many ornaments should the museum’s buyer order?
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.
One of many items sold at a museum of natural history is a Christmas ornament carved from wood. The gift shop makes a $10 profit per unit sold during the season, but it takes a $5 loss per unit after the season is over. The following discrete
| Demand | 10 | 20 | 30 | 40 | 50 |
| Demand Probability | 0.2 | 0.3 | 0.3 | 0.1 | 0.1 |
How many ornaments should the museum’s buyer order?
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