Use the Runs Test to Determine Whether the Given Sequence

question 81

Essay

Use the runs test to determine whether the given sequence is random. Use a significance level of 0.05. Test the
sequence of digits below for randomness above and below the value of 4.5. $$\begin{array} { | l l l l l l l l l l | } \hline 0 & 4 & 7 & 3 & 6 & 0 & 9 & 7 & 4 & 8 \\7 & 2 & 8 & 5 & 7 & 3 & 9 & 6 & 4 & 6 \\4 & 7 & 9 & 1 & 6 & 1 & 9 & 5 & 8 & 3 \\7 & 8 & 5 & 7 & 3 & 5 & 2 & 9 & 3 & 8 \\\hline\end{array}$$

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Definitions:

National Output

The total value of all goods and services produced within a country's borders in a given time period, often referred to as Gross Domestic Product (GDP).

Consumer Goods

Goods produced and purchased for personal or household consumption rather than for manufacturing or resale.

Competitive System

An economic system where multiple businesses or entities vie for the same market share, promoting innovation and consumer choice.

Private Sector

The part of the economy that is not controlled by the government and is run by individuals and companies for profit.