A Market Research Firm Is Interested in the Possible Success

question 76

Essay

A market research firm is interested in the possible success of new flavors of ice cream. A
study was conducted with three different flavors-peach, almond, and coconut. Three
participants were given a sample of each ice cream, in random order, and asked to rate the
flavors on a 100-point scale. The results are given in the table below. $\begin{array}{l}\text { FLAVOR }\\\begin{array}{c|ccc}\text { PARTICIPANT } & \text { Peach } & \text { Almond } & \text { Coconut } \\\hline 1 & 74 & 82 & 72 \\2 & 79 & 97 & 77 \\3 & 82 & 88 & 73\end{array}\end{array}$

a. What is the purpose of blocking on participants in this study?
b. Construct an ANOVA summary table using the information given.
c. Is there sufficient evidence of a difference in the mean ratings for the three flavors? Use $\alpha = 0.05$ .

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Definitions:

Subprime Mortgage Market

The market for loans to borrowers with lower credit ratings, implying higher risk for lenders and typically resulting in higher interest rates.

Recession of 2001

A brief economic downturn in the United States that began in March 2001 and ended in November 2001, marked by the bursting of the dot-com bubble.

Subprime Mortgage Market

A segment of the mortgage market that caters to individuals with poor credit histories who are considered higher risk borrowers.

Low-income Individuals

persons or groups with earnings significantly below the median level of income for their society or geographic area.