An analyst is trying to determine whether the prices of certain stocks on the NASDAQ are independent of the industry to which they belong. She examines four industries and, within each industry, categorizes each stock according to its price (high-priced, average-priced, low-priced).
a. Specify the competing hypotheses to determine whether stock price depends on the industry. b. Calculate the value of the test statistic and the p-value. c. At the 1% significance level, what can the analyst conclude?