A Researcher Compared the Absolute Olfactory Thresholds of Gourmet Chefs

question 124

Essay

A researcher compared the absolute olfactory thresholds of gourmet chefs, workers in a garlic processing plant, and office clerks. ("Olfactory" refers to the sense of smell and "absolute threshold" refers to the minimum stimulation a sense can detect. )Here are the results:
Do these results suggest that there is a difference in olfactory thresholds among these three types of people? (Use the .05 level.)
a. Use the five steps of hypothesis testing.
b. Sketch the distribution involved.
c. Figure the effect size of the study.
d. Explain your findings.

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Definitions:

Discounting

The process of determining the present value of future cash flows by applying a particular interest rate; often used in investment and finance.

Present Value

The value today of a future amount of money or sequence of cash inflows, accounting for a defined rate of return.

Interest Rate

The percentage of a sum of money charged for its use, serving as the cost of borrowing or the reward for saving.

Time Preference

The degree to which individuals prioritize current goods and services over future ones.