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Describe the Runs Test for Randomness

question 47

Essay

Describe the runs test for randomness. What types of hypotheses is it used to test? Does the runs test measure frequency? What is the underlying concept?


Definitions:

Entity Partnership

A business structure where two or more entities join together in partnership to conduct business.

Limited Liability Company

A corporate framework that merges the tax benefits of a sole proprietorship or partnership with the protective limited liability found in a corporation.

Sole Proprietor

The single person at the head of a sole proprietorship.

Cooperatives

A business organization owned and operated by a group of individuals for their mutual benefit.

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