Five hundred randomly selected automobile owners were questioned on the main reason they had purchased their current automobile. The results are given below.
a.State the null and alternative hypotheses for a contingency table test.
b.State the decision rule for the critical value approach. Let 0.10.
c.Calculate the x2 test statistic.
d.Give your conclusion for this test.
Definitions:
MC (Marginal Cost)
Expenses incurred from making one more unit of a product or service.
Break-Even
The point at which total costs and total revenue are equal, meaning there is no net loss or gain, and the business or investment is self-sustaining.
Maximize Profits
A strategy or goal where a firm or individual seeks to achieve the highest possible profit from its operations.
Peak Efficiency
The state of operation in which a system or process achieves its maximum output with the lowest input, often ideal in terms of productivity.
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