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Draw the ANOVA interactive cases listed below (Figure 16.5 in the text). Name your dependent variable Y and assume that there are two factors, X1 with three levels (X11, X12, and X13), and X2 with two levels (X21 and X22). Briefly discuss/describe the interaction shown in each of your drawings.
1. no interaction
2. ordinal interaction
3. disordinal interaction (noncrossover)
4. disordinal interaction (crossover)
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from producing and consuming a good or service.
Consumer Surplus
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.
Producer Surplus
The gap between the price producers are ready to take for offering a product or service and the actual payment they receive.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit consumers receive.
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