During the first few weeks of the new television season, the evening news audience proportions were recorded as ABC - 31%, CBS - 34%, and NBC - 35%. A sample of 600 homes taken recently yielded the following viewing audience data. 
We want to determine whether or not there has been a significant change in the proportion of viewing audience of the three networks.
a.
State the null and alternative hypotheses to be tested.
b.
Compute the expected frequencies.
c.
Compute the test statistic.
d.
The null hypothesis is to be tested at the .05 level of significance. Determine the critical value for this test. What do you conclude?
e.
Determine the p-value and perform the test.
Definitions:
Soybeans
A species of legume native to East Asia, widely grown for its edible bean which has numerous uses, including producing soy oil and soy protein.
Total Revenue
The total income generated from the sale of goods or services, calculated by multiplying the price by the quantity sold.
Demand Function
A mathematical equation that describes the relationship between the quantity of a good demanded and its price, as well as other factors like income and prices of related goods.
Price Elasticity
The ratio reflecting the responsiveness of the quantity demanded or supplied of a good to changes in its price.
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