Provide an Appropriate Response A) B) C) D)

question 8

Multiple Choice

Provide an appropriate response.
-Fill in the missing entries in the following partially completed one-way ANOVA table. $\begin{array}{|l|r|r|l|c|}\hline \text { Source } & \text { df } & \text { SS } & \text { MS=SS/df } & \text { F-statistic } \\\hline \text { Treatment } & 3 & & & 11.16 \\\hline \text { Error } & & 13.72 & 0.686 & \\\hline \text { Total } & & & & \\\hline\end{array}$

• A)
• \(\begin{array}{|l|r|c|c|c|}
• \hline \text { Source } & \text { df } & \text { SS } & \text { MS=SS/df } & \text { F-statistic } \\
• \hline \text { Treatment } & 3 & 0.184 & 0.061 & 11.16 \\
• \hline \text { Error } & 20 & 13.72 & 0.686 & \\
• \hline \text { Total } & 23 & 13.90 & & \\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|l|r|c|c|c|}
• \hline \text { Source } & \text { df } & \text { SS } & \text { MS=SS/df } & \text { F-statistic } \\
• \hline \text { Treatment } & 3 & 22.97 & 7.66 & 11.16 \\
• \hline \text { Error } & 20 & 13.72 & 0.686 & \\
• \hline \text { Total } & 23 & 36.69 & & \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|c|c|c|c|}
• \hline \text { Source } & \text { df } & \text { SS } & \text { MS=SS/df } & \text { F-statistic } \\
• \hline \text { Treatment } & 3 & 48.80 & 16.27 & 11.16 \\
• \hline \text { Error } & 20 & 13.72 & 0.686 & \\
• \hline \text { Total } & 23 & 62.52 & & \\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|l|c|c|c|c|}
• \hline \text { Source } & \text { df } & \text { SS } & \text { MS=SS/df } & \text { F-statistic } \\
• \hline \text { Treatment } & 3 & 2.55 & 7.66 & 11.16 \\
• \hline \text { Error } & 20 & 13.72 & 0.686 & \\
• \hline \text { Total } & 23 & 16.27 & & \\
• \hline
• \end{array}\)

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Definitions:

Consumer Surplus

The difference between the maximum price a consumer is (or consumers are) willing to pay for an additional unit of a product and its market price; the triangular area below the demand curve and above the market price.

Net Benefit

Net benefit refers to the total positive effects or advantages of a decision or action, minus any costs or negative effects associated with it.

Creative Destruction

A process where new innovations cause the demise of older industries or technologies, leading to economic growth and development.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.