Through a telephone survey , a low interest bank credit card is offered to 400 households. The response are as follows : Income less or equal to 50,000 Income>50,000 Accept offer 40. 30 reject offer 210. 120 a. Develop a joint probability table and show the marginal probabilities b. What is the probability of a household whose income exceeds 50,000 and who rejects the offer? c. If income is equal or less 50,000 what is the probability the offer will be accepted? d. If the offer is accepted, what is the probability that income exceeds 50,000?
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.
Through a telephone survey , a low interest bank credit card is offered to 400 households. The response are as follows :
Income less or equal to 50,000 Income>50,000
Accept offer 40. 30
reject offer 210. 120
a. Develop a joint
b. What is the probability of a household whose income exceeds 50,000 and who rejects the offer?
c. If income is equal or less 50,000 what is the probability the offer will be accepted?
d. If the offer is accepted, what is the probability that income exceeds 50,000?
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