The Heating Bills for a Selected Sample of Houses Using

question 115

Essay

The heating bills for a selected sample of houses using various forms of heating are given below (values are in dollars). $$\begin{array} { c c c } \text { Gas-Heated Homes } & \text { Central Electric } & \text { Heat Pump } \\83 & 90 & 81 \\80 & 88 & 83 \\82 & 87 & 80 \\83 & 82 & 82 \\82 & 83 & 79\end{array}$$ At α = .05, test to see if there is a significant difference among the average bills of the homes.

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Definitions:

Capitalism

An economic system where private individuals own and control the means of production and distribution of goods, with minimal government interference.

Socialism

An economic and political system where the government or the public as a whole owns and controls the means of production, aiming for an equitable distribution of wealth and resources.

Market System

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, with prices serving as signals to participants.

Circular Flow Diagram

An illustration showing the flow of resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms.