A Researcher Is Interested in Determining If the Model Used

question 77

Multiple Choice

A researcher is interested in determining if the model used for the distribution of main economic concerns in the year 2003 for residents in a certain county can still be used in the year 2004.A sample of 370 residents from that county was surveyed in 2004.The following table displays the model for the distribution of economic concerns for the year 2003 and the observed number of sampled respondents in the survey for the same economic concerns for the year 2004. The chi-square statistic for these data equals 11.4.What do we know about the P-value for testing if the model from the previous year can still be used?

• A)P-value < 0.01
• B)0.01 < P-value < 0.025
• C)0.025 < P-value < 0.05
• D)P-value > 0.05

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Definitions:

Work in Process

Inventory that includes materials that have been partially completed, but not yet ready for sale.

Indirect Materials

These are materials used in the production process that cannot be directly linked to a specific product, such as lubricants for machines.

Overapplied

Refers to the condition where the allocated manufacturing overhead cost exceeds the actual manufacturing overhead cost.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including utilities, maintenance, and factory equipment depreciation.