6.40 More eBay bidding For each of the following situations, explain whether the binomial distribution applies for
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6.40 More eBay bidding For each of the following situations, explain whether the binomial distribution applies for X.
a. You are bidding on four items available on eBay. You think that you will win the first bid with probability 25%
and the second through fourth bids with probability 30%.
Let X denote the number of winning bids out of the four items you bid on.
b. You are bidding on four items available on eBay. Each bid is for $70, and you think there is a 25% chance of winning a bid, with bids being independent events. Let X be the total amount of money you pay for your winning bids.
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Related Book For
Statistics The Art And Science Of Learning From Data
ISBN: 9781292164878
4th Global Edition
Authors: Alan Agresti, Christine A. Franklin, Bernhard Klingenberg
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