Use a ?² Test to Test the Claim That in the Given

question 28

Essay

Use a ?² test to test the claim that in the given contingency table, the row variable and the column variable are independent
-Using the data below and a 0.05 significance level, test the claim that the responses occur with percentages of 15%, 20%, 25%, 25%, and 15% respectively. $$\begin{array} { r | r r r r r } \text { Response } & \text { A } & \text { B } & \text { C } & \text { D } & \text { E } \\\hline \text { Frequency } & 12 & 15 & 16 & 18 & 19\end{array}$$

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Definitions:

Economic Profits

The net amount left when a business subtracts its full range of costs, explicit and implicit, from its entire revenue.

New Market

An emerging or previously unexplored segment of an industry where a business can expand or introduce its products or services.

Repeated Game

A strategic scenario in game theory where the same game is played several times, allowing players to revise their strategy based on past outcomes.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal given the strategies of all other players in the game, leading to a situation from which no player has an incentive to deviate.