Suppose that an employee working at Bell Center walks around the stands selling hot dogs. Assume that in each game, the employee will make either $100, $80, $50 or $15 selling hot dogs with probabilities 0.15, .25, .35, and .25 respectively. Let the random variable X represent the profit made by the employee selling hot dogs. Suppose that this employee works for 5 consecutive games and reports you only the maximum profit among the five games. What is the probability of maximum profit in 5 consecutive games being equal to 50$?
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 an employee working at Bell Center walks around the stands selling hot dogs. Assume that in each game, the employee will make either $100, $80, $50 or $15 selling hot dogs with probabilities 0.15, .25, .35, and .25 respectively. Let the random variable X represent the profit made by the employee selling hot dogs. Suppose that this employee works for 5 consecutive games and reports you only the maximum profit among the five games. What is the probability of maximum profit in 5 consecutive games being equal to 50$?
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