307 Diamonds Were Sampled and Randomly Sorted into Three Groups

question 49

Multiple Choice

307 diamonds were sampled and randomly sorted into three groups of diamonds. These diamonds were randomly assigned to one of the three organizations, or groups (HRD, GIA, or IGI) , that certify the appraisal of diamonds. A study was conducted to determine if the average size of diamonds reported by these three certification groups differ. A completely randomized design was used and the resulting ANOVA table is shown below. $$\begin{array}{l}\text { One-Way AOV for CARAT by CERT }\\\begin{array} { l c c c l } \text { Source } & \text { DF } & \text { SS } & \text { MS } & \text { F } \\\hline \text { CERT } & 2 & 8.3265 & 4.16326 & ? ? ? \\\text { Error } & 305 & 15.2604 & 0.05003 & \\\text { Total } & 307 & 23.5869 & &\end{array}\end{array}$$ Find the F-value that is missing in the ANOVA table.

• A) 83.215
• B) 0.0120
• C) 0.5000
• D) 0.5242

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Definitions:

Whole Quantities

Amounts or volumes that are complete or entire, without fractions or decimals.

Profit-Maximizing Output

The level of production at which a firm achieves the maximum possible profit, determined by the point where marginal cost equals marginal revenue.

Market Price

The rate at which goods or services can presently be bought or sold within the marketplace.

Optimal Short-Run Output

The level of production that maximizes a firm's short-term profits or minimizes its losses, given its fixed costs.