BUEC 232 Study Guide - Final Guide: Chi-Squared Distribution, Null Hypothesis, Confidence Interval

• School: Simon Fraser University
• Department: Business Economics
• Course: BUEC 232
• Professor: Tara Immell

Document Summary

Simon fraser university, buec 232, data & decisions i. The report will revolve around determining the relationship between a student"s average monthly income and the frequency of travel times on a yearly basis. We will determine whether or not income plays a factor in affecting a person"s decision to travel. The question we will ask is presented as: The general hypothesis for the problem above is that as income increases, the more willingly a person will spend money on airfare. Because of this, the individual will travel more frequently. The statistical analysis used to support the hypothesis will utilize a number of inferential statistical methods. The wealth effect is an economic theory supported by numerous economists. There have been extensive studies supporting the validity of the theory. It is a phenomenon whereby when a person"s wealth increase, or at least his or hers perception of their wealth, the more likely the person will consume goods.