Suppose that 24% of companies in a certain sector of the economy have announced plans to expand in the next year (and the other 76% will not). In a sample of 8 companies chosen at random from this population. If the random variable X is binomially distributed. Find the probability that the number of companies which have announced plans to expand in the next year will be (i) precisely three, (ii) fewer than three.
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.
Suppose that 24% of companies in a certain sector of the economy have announced
plans to expand in the next year (and the other 76% will not). In a sample of 8
companies chosen at random from this population. If the random variable X is
binomially distributed. Find the
have announced plans to expand in the next year will be (i) precisely three, (ii)
fewer than three.
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