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The heating bills for a selected sample of houses using various forms of heating are given below. (Values are in dollars.)
a.At = 0.05, test to see if there is a significant difference among the average heating bills of the homes. Use the p-value approach.
b.Test the above hypotheses using the critical value approach. Let = .05.
Marginal Revenue
The extra revenue generated by the sale of an additional unit of a good or service.
Marginal Cost
The additional cost incurred from producing one more unit of a good or service.
Hats
Articles of clothing worn on the head, often for fashion, protection against weather conditions, or as part of a uniform.
Quantity Effect
The effect on overall consumption when a change in price leads to a change in the quantity demanded.
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