In 2003, the Student Body of a State University in Michigan

question 85

Short Answer

In 2003, the student body of a state university in Michigan consists of 30% freshmen, 25% sophomores, 27% juniors, and 18% seniors. A sample of 400 students taken from the 2004 student body showed that there are 138 freshmen, 88 sophomores, 94 juniors, and 80 seniors. Test with 5% significance level to determine whether the student body proportions have changed. = ______________
Critical Value = ______________
Conclusion: ______________
The student body proportions ______________ changed since 2003.

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Definitions:

Per Se Violation

A restraint of trade that is so anticompetitive that it is deemed inherently (per se) illegal.

Sherman Act

is a foundational antitrust law in the United States that prohibits monopolies and other practices that restrain trade.

Fix Prices

An illegal agreement between parties to sell a product at a set price, limiting competition and violating antitrust laws.

Predatory Pricing

The pricing of a product below cost with the intent to drive competitors out of the market.