Yesterday in Greece we applied statistical approaches to shopping in the flea market. Our equation was in fact a Binomial Probability Distribution. Our question was what the probability of finding a souvenir was. This is a binomial because it meets the four criteria required:

1. It has a set number of tests; we went to 25 different shops.
2. There are two possible outcomes. Failure; we don’t purchase. Or a success, we do purchase.
3. The probability for success is the same for each trial, their is a 50 percent chance we will buy a souvenir, and a 50 percent chance we won’t.
4. X, the random variable counts the number of successes, which will range from 0, to 25.

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