Analysis of Variance Should Only Be Done When

question 21

Multiple Choice

Analysis of variance should only be done when:

• A)sample sizes are greater than 30 per group
• B)there are less than 30 per group
• C)population variances can be assumed to be equal
• D)population sizes are approximately equal

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Definitions:

Price Elasticity

An indication of the extent to which the demand or supply of a product alters following a variation in its price.

Substitutes

Products or services that can be used in place of each other, where the increase in price of one leads to an increase in demand for the other.

Complements

Items or services used together, where the use of one increases the demand for the other.

Consumer Surplus

The variance between the aggregate amount consumers intend and can afford to pay for a good or service and the total they actually do pay.