Consider a Situation in Which We Expect the Same Frequency

question 39

Multiple Choice

Consider a situation in which we expect the same frequency of 64 total observations to be in each of four categories. We can use an ?² goodness-of-fit test to test whether the frequencies of offspring are as expected. If the numbers of values in each category are 12, 24, 10, and 18, what is the P-value range we would obtain for our test? (Use the table of critical values shown to answer this question.)
?
$\begin{array}{c}\chi^{2} \text { critical values }\\\text { for } d f=2\\\begin{array}{ll}\text { Sig. level } & \text { Value } \\\hline 0.05 & 7.81\\0.025 & 9.35 \\0.01 & 11.34\end{array}\end{array}$

• A) 0.05 < P
• B) 0.025 < P < 0.05
• C) 0.01 < P < 0.025
• D) P < 0.01

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Definitions:

Inventory Holding Gain

An increase in the value of inventory over time, typically due to inflation or increased demand, before the inventory is sold.

FIFO Earnings

The net income calculated using the First-In, First-Out method of inventory valuation, assuming the first items purchased are the first sold.

Inventory Units

Inventory units are the measurable quantities of goods or materials on hand, stored or processed by a business, intended for sale or production.

Goods Available

The total quantity of goods on hand for sale during a specific period, including both beginning inventory and purchases made.