The Heating Bills for a Selected Sample of Houses Using

question 62

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:

Oligopoly

A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.

Homogeneous Product

A product that cannot be distinguished from competing products from different suppliers.

Differentiated Product

A product that is made distinct from similar products offered by competitors through unique features, quality, branding, or other attributes.

Monopolistic Competitor's

A market structure where many firms sell products that are similar but not identical, each having some control over its price due to product differentiation.