1) The document discusses several applications of the binomial theorem across different domains including IP addressing, economic prediction, architecture, weather forecasting, ranking candidates, and biology. 2) The binomial theorem allows for the distribution of IP addresses and prediction of economic behavior, helps with accurate cost and time estimates for construction projects, and is used in disaster forecasting and ranking exam candidates. 3) It can also be used in biology to calculate the number of children with a particular genotype.