The Marketing Department of a Company Has Designed Three Different

question 53

Essay

The marketing department of a company has designed three different packing boxes for its product.It wants to determine which box will produce the largest amount of sales.Each box will be test-marketed in five different stores for a period of a month.Below you are given the information on sales (in dollars). ​
a.
State the null and alternative hypotheses.
b.
Construct an ANOVA table.
c.
What conclusion do you draw?
d.
Use Fisher's LSD procedure and determine which mean (if any) is different from the others.Let α = .01.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in market stability.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Tax

A compulsory financial charge or other levy imposed by a government to fund public expenditures.

Demand Function

A mathematical representation showing the relationship between the quantity demanded of a good and its price, along with other factors affecting demand.