Exhibit 4-5

question 3

Essay

Exhibit 4-5.The following contingency table provides frequencies for the preferred type of exercise for people under the age of 35 and those 35 years of age or older.Here xx and yy represent missing values. Refer to Exhibit 4-5.Determine whether selecting an under 35 individual is independent of selecting an individual who prefers swimming.

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Definitions:

Dominant Firm

A company that has a large market share in an industry, allowing it to set prices or conditions under which other firms operate.

Market Equilibrium

A situation where the supply of a good or service is equal to the demand for it, resulting in stable prices.

Homogeneous Products

Goods that are perfectly identical in quality, size, and features, making them indistinguishable to consumers from multiple producers.

Luxury Yachts

Luxury yachts are high-end, luxurious boats that are often equipped with sophisticated amenities and are used for personal or commercial pleasure.