An insurance firm interviewed a random sample of 600 college students to find out the type of life insurance preferred,if any.The results are shown in the table below.Is there evidence that life insurance preference of male students is different than that of female students.Test at the 5% significance level.
Definitions:
Bid-rigging
An illicit agreement between parties to fix the outcome of a bidding process to benefit at least one of the participants.
Cartels
Associations of independent businesses formed to regulate production, pricing, and marketing of goods to restrict competition.
Auctions
Auction systems in which products or services are offered to the person who presents the highest offer.
Winner's Curse
A phenomenon in auctions where the winning bidder overpays due to overestimation of the item's value.
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