You’re instructed to prepare for a promotional candle sale you will use to test the popularity of the two redesigned candles. Wicks, labor, and other costs add about $1.60 to the cost of each candle. Suggest a retail price for each candle that will cover costs and allow for some profit. Explain how you determined these prices. Your reasoning does not have to be all math related, but it should include specific values derived from your calculations.
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.
. You’re instructed to prepare for a promotional candle sale you will use to test the popularity of the two redesigned candles. Wicks, labor, and other costs add about $1.60 to the cost of each candle. Suggest a retail price for each candle that will cover costs and allow for some profit. Explain how you determined these prices. Your reasoning does not have to be all math related, but it should include specific values derived from your calculations.
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