TABLE 11-6
as Part of an Evaluation Program, a Sporting

question 87

True/False

TABLE 11-6
As part of an evaluation program, a sporting goods retailer wanted to compare the downhill coasting speeds of 4 brands of bicycles. She took 3 of each brand and determined their maximum downhill speeds. The results are presented in miles per hour in the table below.
$$\begin{array} { c c c c c } \hline \text { Trial } & \text { Barth } & \text { Tornado } & \text { Reiser } & \text { Shaw } \\\hline 1 & 43 & 37 & 41 & 43 \\2 & 46 & 38 & 45 & 45 \\3 & 43 & 39 & 42 & 46 \\\hline\end{array}$$
-Referring to Table 11-6, the decision made implies that all 4 means are significantly different.

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Definitions:

Variable Costs

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.

Fixed Costs

Expenses that do not vary with the level of production or business activity within a certain range.

Price Elastic

A measure of how much the demand for a product or service changes in response to a change in its price.

Sales Volume

The number of units of a product or service sold by a company in a specified period.