A study has been conducted to determine whether the mean spending for recreational activities during the month of August differs for residents of three cities.Random samples of 30 people were selected from each city and their spending on recreation was recorded during August.The following output was generated using Excel:
ANOVA: Single Factor
SUMMARY
ANOVA
Based on the information provided,should we conclude that the three populations (cities)have equal mean spending during August? Test at the 0.05 level of significance.
Definitions:
Relevant Range
The range of activity within which the assumptions about fixed and variable costs are valid for a specific business.
Mixed Costs
Expenses that have both fixed and variable components, changing with the level of production or sales activity but not in direct proportion.
Differential Costs
The difference in cost between two alternative decisions or changes in levels of operation.
Variable
An element that can change or vary, often used in mathematical modeling, programming, and statistical analysis to represent changeable data.
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