Suppose that a hotel owner estimates the probability that a customer booking a hotel room pays in advance (C1) is 0.35 and their probability of paying after check-out (C2) is 0.65. The hotel is fully booked for one weekend by a golfers’ convention. Market research suggests that 55% of payments in advance and 35% of payments at check-out are by sports club members. Calculate the probability that those attending the golf convention will pay in advance, by also briefly discussing the main feature of the theoretical aspects behind the probability calculation adopted.
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.
2: Suppose that a hotel owner estimates the
a hotel room pays in advance (C1) is 0.35 and their probability of paying after check-out (C2) is 0.65. The hotel is fully booked for one weekend by a golfers’ convention. Market research suggests that 55% of payments in advance and 35% of payments at check-out are by sports club members. Calculate the probability that those attending the golf convention will pay in advance, by also briefly discussing the main feature of the theoretical aspects behind the probability calculation
adopted.
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