The Crestview Printing Company prints a particularly popular Christmas card oncea year and distributes the cards to stationery and gift shops throughout the UnitedStates. It costs Crestview 50 cents to print each card, and the company receives65 cents for each card sold.Because the cards have the current year printed on them, those cards that are notsold are generally discarded. Based on past experience and forecasts of current buying patterns, the probability distribution of the number of cards to be soldnationwide for the next Christmas season is estimated to beQuantity Sold Probability100,000–150,000 .10150,001–200,000 .15200,001–250,000 .25250,001–300,000 .20300,001–350,000 .15350,001–400,000 .10400,001–450,000 .05Determine the number of cards that Crestview should print this year
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 Crestview Printing Company prints a particularly popular Christmas card once
a year and distributes the cards to stationery and gift shops throughout the United
States. It costs Crestview 50 cents to print each card, and the company receives
65 cents for each card sold.
Because the cards have the current year printed on them, those cards that are not
sold are generally discarded. Based on past experience and forecasts of current buying patterns, the
nationwide for the next Christmas season is estimated to be
Quantity Sold Probability
100,000–150,000 .10
150,001–200,000 .15
200,001–250,000 .25
250,001–300,000 .20
300,001–350,000 .15
350,001–400,000 .10
400,001–450,000 .05
Determine the number of cards that Crestview should print this year
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