In a Test of a Contingency Table,rejecting the Null Hypothesis

question 67

True/False

In a test of a contingency table,rejecting the null hypothesis concludes the variables are not independent.

---

Definitions:

Unit Elastic

Describes a situation in which the percentage change in quantity demanded is equal to the percentage change in price, leading to no change in total revenue.

Income Elasticity

A measure of how much the demand for a good will change in response to a change in consumer's income.

Cross Elasticity

An indicator of the sensitivity in demand for a certain product in response to price fluctuations of a different product.

Percentage Change

A mathematical calculation that shows how much a number has increased or decreased compared to its previous value, expressed as a percentage.