Last Year Pat Was a Soybean Farmer and Chris Was

question 40

Multiple Choice

Last year Pat was a soybean farmer and Chris was a corn farmer.This year,high demand for ethanol,an automobile fuel made from corn,causes the price of corn to increase.
Refer to the information above.You would predict that this year Pat may:

• A)grow more soybeans.
• B)switch to growing corn.
• C)continue to grow the same amount of soybeans.
• D)go out of business.

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Definitions:

Multinomial Experiment

An experiment that leads to outcomes categorized into two or more non-overlapping categories.

Degrees of Freedom

The number of independent values or quantities that can vary in the calculation of a statistic, typically used in the context of statistical tests.

Test Statistic

A calculated value from sample data used to assess the viability of a hypothesis in a statistical test.

Degrees of Freedom

The count of distinct values or amounts that can be attributed to a statistical distribution while respecting all existing limitations.