How Do You Find the Probabilities Needed to Obtain Expected

question 173

Multiple Choice

How do you find the probabilities needed to obtain expected frequencies for a test of a contingency table?

• A)If there are r rows and c columns,let each probability be 1/rc.
• B)Use the probabilities specified in the null hypothesis.
• C)Assume H₀ is true and use your data to calculate them.
• D)None of these choices.

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Definitions:

Consumer Surplus

The variance between the price consumers are ready to offer for a good or service and the price they actually incur.

Price Ceiling

A government-imposed limit on how high the price of a product can be charged in the market to protect consumers from high prices.

Consumer Surplus

The gap between the amount consumers are prepared to spend on a product or service and the amount they end up paying.

Excess Demand

A situation in which the quantity demanded of a good exceeds the quantity supplied at the existing price, often leading to a rise in price.