At a Recent Automobile Show, a Sample of 125 People

question 6

Multiple Choice

At a recent automobile show, a sample of 125 people produced the following results. Use the 0.01 significance level to determine if there is a relationship between age and model preferred. Based on the analysis above, what can be concluded?

• A) Buyer's age and car model preference are not related.
• B) Buyer's age and car model preference are related.
• C) The mean of age is the same as the mean of car model preference.
• D) No conclusion can be made.

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Definitions:

Trend Extrapolation

The analytical process of using past data to forecast future events or trends, assuming that existing patterns will continue.

Linear Trend Extrapolation

A forecasting method that uses past data points to predict future values by extending a straight line that best fits the data.

Forecasting Technique

A methodology or set of methods used to predict future aspects of a business or operation, such as sales, trends, or inventory requirements.

Marketing Information

Data collected, analyzed, and used by businesses to make informed decisions about market trends, customer behavior, and competitive strategies.