On the most recent tax cut proposal, a random sample of Democrats and Republicans in the Congress cast their votes as follows.
Calculate the chi-square statistic for this test of independence.
Definitions:
Total Revenue
The sum total of revenue a business earns from its sales activities and service provisions during a particular period.
Inelastic Demand
A situation where the demand for a product does not change significantly with a change in price.
Elastic Demand
Reflects how the quantity demanded of a good or service changes in response to a change in price; high elasticity indicates demand is highly sensitive to price changes.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to buy.
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