Majestic Manufacturing sold Jordans Furniture a living room set for an $8,550 list price with 40% trade discount. The $125 freig
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Answer:
Since the calculated value of F= 5.733 falls in the critical region we reject the null hypothesis and conclude all three means are not equal.
Explanation:
The given data is
Banking Retail Insurance
12 8 10
10 8 8
10 6 6
12 8 8
<u>10 10 10</u>
The results of excel are:
<u><em>Anova: Single Factor </em></u>
SUMMARY
Groups Count Sum Average Variance
Column 1 5 54 10.8 1.2
Column 2 5 40 8 2
Column 3 5 42 8.4 2.8
1) Let the null and alternate hypotheses be
H0: u1=u2=u3 i.e all the three means are equal and
Ha: Not all three means are equal
2) The significance level is set at ∝ =0.05
3)The test statistic to use is
F= sb²/ sw²
which has F distribution with v1= k-1 →3-1=2 and v2= n-k →15-3=12 degrees of freedom
After calculations the following table is obtained.
<u><em>ANOVA </em></u>
Source SS df MS F P-value F crit
of Variation
B/w Groups 22.93 2 11.467 5.733 0.01788 3.885
<u>Within Groups 24 12 2 </u>
<u>Total 46.93 14 </u>
4) The critical region is F ≥ F(0.05, 2,12) = 3.885
5) Since the calculated value of F= 5.733 falls in the critical region we reject the null hypothesis and conclude all three means are not equal.
Answer:
(c) 7.5 bars, 2/15 shirts
Explanation:
Opportunity cost is simply defined as the next best alternative.
Opportunity cost also refers to the loss of foregone gain which could have resulted had a non chosen option been selected over the chosen option. For instance, the opportunity cost of storing money at home is the average market rate of interest which would've been earned had the same money been invested.
In the given question, the opportunity cost of a t shirt would be :
=
= 7.5 protein bars
Similarly, the opportunity cost for a protein bar would be:
=
=
Thus, the correct option is (c) 7.5 bars, 2/15 shirts