Nancy, Inc A Compute the Overall Mean

question 82

Essay

Nancy, Inc. has three stores located in three different areas. Random samples of the sales of the three stores In
$1,000) are shown below.
$$\begin{array} { c c c } \text { Store 1 } & \text { Store 2 } &\text { Store 3 } \\46 & 34 & 33 \\47 & 36 & 31 \\45 & 35 & 35 \\42 & 39 &\\45\end{array}$$
a. Compute the overall mean .
b. At 95% confidence, test to see if there is a significant difference in the average sales of the three stores.

---

Definitions:

Straight Line

A direct path between two points in a plane or three-dimensional space, having no curvature.

Opportunity Costs

The expense of the best alternative given up to make a choice.

Factors Of Production

The resources used to produce goods and services. Labor and capital are examples of factors.

Increasing Opportunity Cost

Increasing opportunity cost implies that producing more of one good requires giving up an increasing amount of production of another good, reflecting resource specialization.