307 Diamonds Were Sampled and Randomly Sorted into Three Groups $\mu \mathrm { HRD } \& \mu _ { \mathrm { GIA } }$

question 70

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 Bonferroni multiple comparison results are shown below. Bonferroni All-Pairwise Comparisons Test of CARAT by CERT


Give the population mean(s) which are in the statistically largest group.

• A) \(\mu \mathrm { HRD } \& \mu _ { \mathrm { GIA } }\)
• B) \(\mu \mathrm { HRD }\)
• C) \(\mu _ { \mathrm { GIA } }\)
• D) \(\mu \mathrm { IGI }\)

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Definitions:

Normal Profit

The minimum level of profit needed for a company to remain competitive in the market, equating to its opportunity costs.

Economic Profit

The surplus remaining after total costs (including both explicit and implicit costs) are subtracted from total revenues, reflecting the opportunity costs of all resources.

Monopolistically Competitive

A market structure characterized by many firms selling differentiated products with few barriers to entry.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums, faced by a business.