Five hundred randomly selected automobile owners were questioned on the main reason they had purchased their current automobile. The results are given below.
a.State the null and alternative hypotheses for a contingency table test.
b.State the decision rule for the critical value approach. Let = .01.
c.Calculate the 2 test statistic.
d.Give your conclusion for this test.
Definitions:
Absolute Value
The non-negative value of a number without regard to its sign.
Slope
In mathematics and economics, the measure of the steepness or incline of a line, indicating the rate of change of one variable with respect to another.
Indifference Curves
A graph showing different bundles of goods between which a consumer is indifferent, illustrating preferences and trade-offs.
Budget Constraint
The constraint on the collection of goods or services a consumer is able to purchase, determined by their income and the cost of those goods or services.
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