Use A $x ^ { 2 }$ Test to Test the Claim That in the Given Contingency

question 88

Essay

Use a $x ^ { 2 }$ test to test the claim that in the given contingency table, the row variable and the column variable are
independent. The table below shows the age and favorite type of music of 668 randomly selected people. $$\begin{array} { c | c c c } & \text { Rock } & \text { Pop } & \text { Classical } \\\hline \mathbf { 1 5 } - \mathbf { 2 5 } & 50 & 85 & 73 \\\mathbf { 2 5 } - \mathbf { 3 5 } & 68 & 91 & 60 \\\mathbf { 3 5 } - \mathbf { 4 5 } & 90 & 74 & 77\end{array}$$ Use a 5 percent level of significance to test the null hypothesis that age and preferred music type are independent.

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Definitions:

Transactions Demand

The demand for money or assets that can be quickly converted into money for the sake of everyday transactions.

Economic Reason

The underlying rationale or motive behind financial decisions or actions, often based on maximizing efficiency or profit.

Transactions Demand

The need to hold money for the purpose of conducting transactions in the short term.

Abrupt Price Drop

A rapid and significant decrease in the market price of a security or commodity.