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Use the runs test to determine whether the given sequence is random. Use a significance level of 0.05. The
sequence of numbers below represents the maximum temperature (in degrees Fahrenheit) in July in one U.S.
town for 30 consecutive years. Test the sequence for randomness above and below the median.
Opportunity Cost
The expense associated with not choosing the second-best option when a decision or choice is made.
College Degree
An academic degree awarded by colleges and universities upon completion of a course of study demonstrating mastery or a high-order overview of a specific field of study or area of professional practice.
Highly Paid Actor
An individual in the acting profession who receives a significantly higher remuneration compared to peers due to factors such as talent, demand, and box office appeal.
Opportunity Cost
The bypassing of possible gains from a range of alternatives by committing to one choice.
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