TABLE 11-7 a Student Team in a Business Statistics Course Designed an Designed

question 56

True/False

TABLE 11-7
A student team in a business statistics course designed an experiment to investigate whether the brand of bubblegum used affected the size of bubbles they could blow. To reduce the person-to-person variability, the students decided to use a randomized block design using themselves as blocks. Four brands of bubblegum were tested. A student chewed two pieces of a brand of gum and then blew a bubble, attempting to make it as big as possible. Another student measured the diameter of the bubble at its biggest point. The following table gives the diameters of the bubbles (in inches) for the 16 observations.

-Referring to Table 11-7, the randomized block F test is valid only if there is no interaction between the diameters of the 4 brands of bubble gums and the 4 ability of the students.

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Definitions:

Profit-Maximizing Firms

Companies that operate with the goal of making the highest possible profit given their resources and market conditions.

Market Supply

The total amount of a specific good or service that is available for purchase in a given market at various prices, over a specified period.

Market Demand

The overall amount of a product or service that every consumer in a market is ready and capable of buying at different price levels.

Competitive Market

A commercial system where numerous buyers and sellers exist, preventing any single party from setting the price.