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The Sample Data Below Was Tested to Determine Whether Car

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The sample data below was tested to determine whether car colour is related to the likelihood of being in an accident.  Red  BlueWhite Car has been in  accident 491130 Car has not been  in accident 518970\begin{array} { c | c c r } & \text { Red } & \text { Blue}&{ White } \\\hline \begin{array} { c } \text { Car has been in } \\\text { accident }\end{array} & 49 & 11 & 30 \\\begin{array} { c } \text { Car has not been } \\\text { in accident }\end{array} & 51 & 89 & 70\end{array} Test statistic: χ2 =34.38
P-value = 3.42 × 10810 ^ { - 8 }


Definitions:

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount received due to a higher market price.

Producer Surplus

The divergence between the desired selling price of producers and the real price at which goods are sold.

Supply Curve Shift

A change in the supply curve, indicating a change in the quantity supplied at each price.

Producer Surplus

The division in value between what producers are inclined to take for a product or service and the payoff they ultimately secure.

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