Use the Following Set of Observed Frequencies to Test the Independence

question 2

Multiple Choice

Use the following set of observed frequencies to test the independence of the two variables.Variable one has values of 'A' and 'B'; variable two has values of 'C', 'D', and 'E'. $$\begin{array} { | l | l | l | l | } \hline & \mathrm { C } & \mathrm { D } & \mathrm { E } \\\hline \mathrm { A } & 12 & 10 & 8 \\\hline \mathrm { B } & 20 & 24 & 26 \\\hline\end{array}$$ Using $\alpha$ = 0.05, the critical chi-square value is _______.

• A)9.488
• B)1.386
• C)8.991
• D)3.357
• E)5.991

Appreciate the continuous improvement processes in organizations and how they support operational excellence.

Analyze the role of technology in modern manufacturing and service delivery.

Understand the concept of the value chain and its analysis to improve efficiency and effectiveness in operations.

Understand the basic principles and terminologies of economics such as marginal cost, opportunity cost, and efficient markets.

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Definitions:

Industry Exit

The process by which businesses leave a particular market or cease operations, often due to unprofitability or strategic realignment.

Herfindahl Index

A measure of market concentration and competition among firms within an industry, calculated by summing the squares of individual firms' market shares.

Four-Firm Concentration Ratio

A measure of market structure that indicates the combined market share of the four largest firms in an industry, used to assess the level of competition.

Market Power

The ability of a firm or group of firms to manipulate prices or output in a market.