The Binomial Probability Distribution and Related Topics Basic Computation: Expected Value: Part 3 of 3 Question: For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy 1 ticket. (c) Interpretation: If a ticket cost $2, what is the difference between your "costs" and "expected earnings"? How much are you effectively contributing to the fundraiser?
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.
The Binomial Probability Distribution and Related Topics
Basic Computation:
Part 3 of 3
Question:
For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy 1 ticket.
(c) Interpretation: If a ticket cost $2, what is the difference between your "costs" and "expected earnings"? How much are you effectively contributing to the fundraiser?
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