Which Statistical Technique Is Appropriate When We Describe a Single

question 121

Multiple Choice

Which statistical technique is appropriate when we describe a single population of qualitative data with two or more categories?

• A) the z test of the difference between two proportions
• B) the chi-square goodness-of-fit test
• C) the chi-square test of a contingency table
• D) either (a) and (b)

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Definitions:

Target Market

The target market is a specific group of consumers at which a company aims its products and services, identified by demographic, geographic, or psychographic characteristics.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of consumers to price changes.

Inelastic Demand

This economic concept describes a situation where the demand for a product does not significantly change with the price change.

Contribution Margin

A financial metric that represents the amount of revenue from sales that exceeds variable costs, used to cover fixed expenses and generate profit.