In Exercises 518, test the given claim. Denomination
Chapter 11, Problem 5(choose chapter or problem)
In Exercises 518, test the given claim. Denomination Effect In a study of the denomination effect described in the ChapterProblem, 150 women in China were given either a single 100 Yuan bill or a total of 100 Yuanin smaller bills. The value of 100 Yuan is about $15. The women were given the choice ofspending the money on specific items or they could keep the money. The results are summarizedin the table below, and STATDISK results are provided in the screen display. Use a 0.05significance level to test the claim that the form of the 100 Yuan is independent of whetherthe money was spent. What does the result suggest about a denomination effect?Spent the Money Kept the MoneyWomen Given a Single 100-Yuan Bill 60 15Women Given 100 Yuan in Smaller Bills 68 7
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