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TABLE 10-14
The use of preservatives by food processors has become a controversial issue. Suppose two preservatives are extensively tested and determined safe for use in meats. A processor wants to compare the preservatives for their effects on retarding spoilage. Suppose 15 cuts of fresh meat are treated with preservative I and 15 are treated with preservative II, and the number of hours until spoilage begins is recorded for each of the 30 cuts of meat. The results are summarized in the table below.
Preservative I Preservative II
I = 106.4 hours
II = 96.54 hours
SI = 10.3 hours SII = 13.4 hours
-Referring to Table 10-14, what assumptions are necessary for testing if the population variances differ for preservatives I and II?
Price Elasticity
The degree to which the demand or supply of a product changes in response to a change in price.
Price Elasticity
A measure of how the quantity demanded or supplied of a good changes in response to a change in its price.
Substitutes
Goods or services that can be used in place of each other, fulfilling similar needs or desires.
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