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Jill and Seth, recent graduates, were hired as computer analysts for HRJ Enterprises. In a conversation over lunch, Jill discovered that Seth's salary was 15% higher than hers. Assuming that she was being paid less because she was a female, Jill contacted the human resources department demanding that her salary be increased by 15%. She was told that Seth had violated company policy by discussing his salary. Seth told Jill later that the company lowered his salary by 15%.
Binomial Experiment
An experiment or trial that can be reduced to two outcomes, success or failure, and is repeated a fixed number of times.
Continuous Random Variables
Variables capable of assuming any value within a specified range, with the potential for infinite variations.
Binomial Distribution
A probability distribution that summarizes the likelihood that a variable will take one of two independent values under a given set of parameters or conditions.
Independent Trials
Independent Trials are experiments or processes in which the outcome of any given trial does not affect the outcome of any other trial.
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