Question: Bivariate Probability Distribution X 1 2 3 Y 1 10 12 20 2 5 12 41 X= Quality 1= low 2=Medium 3=high Y= Price 1=Low

Bivariate Probability Distribution

X

1

2

3

Y

1

10

12

20

2

5

12

41

X=

Quality

1= low

2=Medium

3=high

Y=

Price

1=Low

2=Medium

a) Build a joint probability table based on this dataset

b) What is the probability of online service with high quality and medium price

c) What is the expected average quality? What is the expected average price?

d) What is the correlation between quality and price? Does the correlation make sense to you? What correlation did you expect?

I am struggling to produce the correct distribution if anyone could help that would be great thank you!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

BACKGROUND Every Monday morning your company has a manager meeting to discuss ongoing issues and the upcoming week. You have been in the HR position at Headgames Inc. (a manufacturer of inserts for...

Q:

Is there someone who can edit an accounting financial analysis or answer theses questions for this project on for the financial stamens in the Empire company? Acctg 501 Fall 2016 Term Project This...

Q:

Why did Paramount get into financial trouble to begin with BRIEF CASES 9-914-557 JULY 3. 2014 CARLISS BALDWI N WEI WANG Paramount Equipment, Inc. Paramount Equipment, Inc., based in Fort Wayne,...

Q:

Hello, I need the solutions to the four questions on a finance case. See attached excel and the PDF of the case. Week 11 Equity Valuation SEE THE IS/BS MODEL & FLOW DIAGRAM TABS -YOU ARE NOW READ:...

Q:

re Regular Languages and Finite Automata (a) Let L be the set of all strings over the alphabet {a, b} that end in a and do not contain the substring bb. Describe a deterministic finite automaton...

Q:

1. An aptitude test was given to a random sample of 228 people intending to become data-entry clerks. The results are shown below, where x is the score on a 10-point scale and f is the frequency of...

Q:

1. An aptitude test was given to a random sample of 228 people intending to become data-entry clerks. The results are shown below, where x is the score on a 10-point scale and f is the frequency of...

Q:

Question 1 of 36 J1 E Viewr Policies Current Attempt in Progress Prices of a certain item have a distribution that is skewed to the left with outliers in the left tail. Which of the measures of...

Q:

help please in this homework * Test Information Description Instructions Timed Test This test has a time limit of 3 hours. This test will save and submit automatically when the time expires. Warnings...

Q:

International Tile Importers, Inc., is a rapidly growing firm that imports and markets floor tiles from around the world that are used in the construction of custom homes and commercial buildings....

Q:

Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $1,381,000 Shop...

Q:

Figure out the Total Assets for current year and 1 year ago. For the Debt Ratio and Equity Ratio at the bottom. Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago...

Q:

Argue the benefits of long - term financing through retained earnings

Q:

For financial institution, Vertical Analysis-Undefined Relevant Ratios and Discussion of Your Findings of Vertical Analysis - Discuss briefly your vertical analysis findings, which are calculated...