A company handles an apartment building with 70 units. Experience has shown that if the rent for each of the units is $1240 per month, all the units will be filled, but 1 unit will become vacant for each $20 increase in the monthly rate. What rent should be charged to maximize the total revenue from the building if the upper limit on the rent is $1380 per month? $
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.
A company handles an apartment building with 70 units. Experience has shown that if the rent for each of the units is $1240 per month, all the units will be filled, but 1 unit will become vacant for each $20 increase in the monthly rate. What rent should be charged to maximize the total revenue from the building if the upper limit on the rent is $1380 per month?
$
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
