What Is Our Decision for a Goodness-Of-Fit Test with a Computed

question 97

Multiple Choice

What is our decision for a goodness-of-fit test with a computed chi-square value of 1.273 and a critical value of 13.388?

• A) Do not reject the null hypothesis.
• B) Reject the null hypothesis.
• C) Unable to reject or not reject the null hypothesis based on data.
• D) We should take a larger sample.

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Definitions:

Marginal Cost

The increase in cost resulting from the production of one additional unit of a good or service.

Fixed Input

An input whose quantity is constant and cannot be changed in the short run.

Short Run

A period in economics during which some factors of production are fixed, limiting the ability of a business to fully adjust to market changes.

Long Run

An economic term referring to a period during which all inputs or factors of production can be varied, and there are no fixed constraints.