The chart below lists the number of boats John expects to sell each week along with the probabilities from past experience. # of boats 0 1 2 3 Probability 0.19 0.33 0.31 0.17 1. What is the expected value on the number of boats he expects to sell each week? Show your work on paper, put your answer in blank #1. 2. If he is paid commission of $300 per boat sold, what is the expected value of his weekly pay? Show your work on paper, put your answer in blank #2.
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 chart below lists the number of boats John expects to sell each week along with the probabilities from past experience.
|
# of boats |
0 |
1 |
2 |
3 |
|
Probability |
0.19 |
0.33 |
0.31 |
0.17 |
1. What is the
2. If he is paid commission of $300 per boat sold, what is the expected value of his weekly pay? Show your work on paper, put your answer in blank #2.
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