Perform the Required Chi-Square Hypothesis Test

question 13

Essay

Perform the required chi-square hypothesis test. Preliminary data analyses and other information indicate that it isreasonable to assume that the variable under consideration is normally distributed. Use the critical-value approach or theP-value approach as indicated.
-In one town, monthly incomes for men with college degrees are found to have a standard deviation of $650. A random sample of 22 men without college degrees resulted in incomes with a standard deviation of $905. At the 1% level of significance, do the data provide sufficient evidence to conclude that the standard deviation, Ϭ, of incomes of men in that town without college degrees is greater than $650? Use the critical-value approach.

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Definitions:

Homogeneous Oligopoly

A market structure in which a few companies sell products that are identical or very similar.

Interproduct Competition

Refers to the competition between different products that serve as substitutes for each other, catering to the same customer needs but perhaps with different characteristics or price points.

Industrial Alcohol

Alcohol produced for use in industrial applications, such as solvents, fuel, and raw materials for chemical synthesis, rather than for consumption.

Mutual Interdependence

A situation in a market where the actions of one firm can significantly impact the welfare of another, often seen in oligopolistic markets.