Tony Runs Read Economic Reports

question 323

Multiple Choice

Tony runs Read Economic Reports.If Tony finds that the cost of completing an additional report is $100 and someone offers him $125 to complete this additional report,Tony should:

• A)not complete the additional report since he will incur a loss.
• B)complete the additional report only if the person buys two additional reports.
• C)complete the additional report.
• D)not complete the additional report since his additional cost is more than his additional revenue.

---

Definitions:

Chi-square Test

An analytical procedure employed to find out if a considerable link is present between two categorical factors.

Goodness-of-fit Test

Statistical tests that measure how well observed sample data fits a distribution from a population with a specified distribution.

Categorical Variable

A type of variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual or observation to a particular group or category.

Degrees of Freedom

The number of independent values or quantities which can vary in the analysis of statistical parameters.