Given Below Are the Analysis of Variance Results from a Minitab

question 33

Multiple Choice

Given below are the analysis of variance results from a Minitab display. Assume that you want to use a 0.05 significance level in testing the null hypothesis that the different samples come from populations with the same mean.
- $$\begin{array} { l r c c c c } \text { Source } & \text { DF } & \text { SS } & \text { MS } & \text { F } & \text { p } \\\text { Factor } & 3 & 30 & 10.00 & 1.6 & 0.264 \\\text { Error } & 8 & 50 & 6.25 & & \\\text { Total } & 11 & 80 & & &\end{array}$$ What can you conclude about the equality of the population means?

• A)Reject the null hypothesis since the p-value is less than the significance level.
• B)Reject the null hypothesis since the p-value is greater than the significance level.
• C)Accept the null hypothesis since the p-value is greater than the significance level.
• D)Accept the null hypothesis since the p-value is less than the significance level.

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Definitions:

Substitutable

Describes goods or services that can serve as replacements for each other, fulfilling similar needs or desires for consumers.

Unit-elastic

Unit-elastic refers to a situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in price.

Elasticity

A measure of the responsiveness of demand or supply to changes in price, income, or other economic factors.