Perform a Chi-Square Independence Test Using the Critical Value Approach

question 33

Essay

Perform a chi-square independence test using the critical value approach, provided the conditions for using the test aremet. Be sure to state the hypotheses and the significance level, to obtain the expected frequencies, to obtain the criticalvalue, to compute the value of the test statistic, and to state your conclusion.
-The table below shows the age and favorite type of music of 668 randomly selected people.
$\begin{array} { l | r c c } & \text { Rock } & \text { Jazz } & \text { Classical } \\ \hline 15 - 25 & 50 & 85 & 73 \\ 25 - 35 & 68 & 91 & 60 \\ 35 - 45 & 90 & 74 & 77 \end{array}$
At the 0.05 significance level, do the data provide sufficient evidence to conclude that an association exists between age and preferred music type?

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling differentiated products, allowing for some degree of market power.

Monopolistically Competitive

A business configuration in which various enterprises provide goods that are comparable, though not identical, affording them a measure of market dominance and the capacity to differentiate their products.

Economic Profit

The profit a company makes after deducting both its explicit (direct) and implicit (opportunity) costs; it's a more comprehensive measure than accounting profit.

Allocative Efficiency

The optimal distribution of resources in a market where goods and services are dispensed according to consumer preferences.