The Following Data Were Collected to Determine Whether or Not $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Age at Retirement }$

question 15

Multiple Choice

The following data were collected to determine whether or not the retirement age is the same for people in different professions. $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Age at Retirement }$
$\begin{array}{|l|c|c|c|c|c|}\hline& 50-55 & 56-60 & 61-65 & \text { Over } 65 & \text { Total } \\\hline \text { Attorney } & 10 & 40 & 75 & 40 & 165 \\\hline \begin{array}{l}\text { College } \\\text { Professor }\end{array} & 5 & 30 & 80 & 60 & 175 \\\hline \text { Secretary } & 21 & 45 & 63 & 49 & 178 \\\hline \text { Store Clerk } & 18 & 44 & 70 & 50 & 182 \\\hline \text { Total } & 54 & 159 & 288 & 199 & 700 \\\hline\end{array}$
Career

• A)H0: Age at retirement and job are related. HA: Age at retirement and job are unrelated.
• B)H0: Age at retirement and job are not independent. HA: Age at retirement and job are dependent.
• C)H0: The retirement age has a different distribution for people in the different professions. HA: The retirement age has the same distribution for people in the different professions.
• D)H0: Age at retirement and job are dependent. HA: Age at retirement and job are not dependent.
• E)H0: The retirement age has the same distribution for people in the different professions. HA: The retirement age has a different distribution for people in the different professions.

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Definitions:

Demanded Design

A design approach or product feature specifically requested or sought after by consumers or the market.

Consumer Surplus

The variance between the amount consumers are ready to spend on a good or service and the actual amount they pay.

Efficiency

The degree to which resources are used effectively and waste is minimized, often aiming at maximizing output from given inputs.

Highest-value Bidder

The participant in an auction willing to pay the most for the item up for bid.