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A card-dealing machine deals spades (1) ,hearts (2) ,clubs (3) ,and diamonds (4) at random as if from an infinite deck.In a randomness check,1,600 cards were dealt and counted.The results are shown below. For the goodness-of-fit test,the value of the test statistic is _____.
Quantity Demanded
The full quantity of a good or service that consumers are inclined and financially capable of purchasing at a designated price.
Price Elasticity
An indicator for the degree to which the supply or demand level of a good adjusts following a change in its price.
Midpoint Method
A technique used in economics to measure the elasticity of demand or supply, which calculates the percentage change between two points by dividing the difference by the average of those points.
Luxury
A luxury item is a good or service that is considered to be of high quality, often resulting in higher prices and perceived as non-essential but desirable if one has the means.
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