Two different real estate developers, A and B, are each selling parcels of land. The probability distribution of selling prices per parcel is shown below: Price $1000 $1050 $1100 $1150 $1200 $1350 A 0.2 0.3 0.1 0.3 0.05 0.05 B 0.1 0.1 0.3 0.3 0.1 0.1 Assuming that A and B operate independently, what is the probability that A and B both have the same selling price?
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.
Two different real estate developers, A and B, are each selling parcels of land. The
|
Price |
$1000 |
$1050 |
$1100 |
$1150 |
$1200 |
$1350 |
|
A |
0.2 |
0.3 |
0.1 |
0.3 |
0.05 |
0.05 |
|
B |
0.1 |
0.1 |
0.3 |
0.3 |
0.1 |
0.1 |
Assuming that A and B operate independently, what is the probability that A and B both have the same selling price?
Given
|
Price |
$1000 |
$1050 |
$1100 |
$1150 |
$1200 |
$1350 |
|
A |
0.2 |
0.3 |
0.1 |
0.3 |
0.05 |
0.05 |
|
B |
0.1 |
0.1 |
0.3 |
0.3 |
0.1 |
0.1 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
