THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 66

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Independent random samples of seven assistant professors,five associate professors,and six full professors were asked to estimate the amount of time outside the classroom spent on teaching responsibilities in the last week.Results,in hours,are shown in the accompanying table.

-Employ the ANOVA test on the data in the table above.

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Definitions:

Firm's Production

Refers to the total output of goods and services produced by a business within a certain period of time.

Inverse Demand

A representation of demand that expresses price as a function of quantity demanded, contrary to the usual demand function which expresses quantity demanded as a function of price.

Cournot Duopolists

Two firms in a market who decide on their production quantity independently and simultaneously to maximize profits, under the assumption of no further entry by other firms.

Total Cost

The complete cost of production, including fixed and variable expenses incurred in the creation of a product or service.