Guitars R.US has three stores located in three different areas.Random samples of the sales of the three stores (in $1000)are shown below.
a.Compute the overall mean.
b.State the null and alternative hypotheses to be tested.
c.Show the complete ANOVA table for this test including the test statistic.
d.The null hypothesis is to be tested at 95% confidence.Determine the critical value for this test.What do you conclude?
e.Determine the p-value and use it for the test.
Definitions:
Long Run
the period in which all factors of production and costs are variable, allowing for all possible adjustments, including the adoption of new technology.
Short-run Equilibrium
A condition in which demand and supply are equal in a particular market or industry, but only for a temporary period due to fixed factors in the short term.
Monopolistic Competition
A market structure characterized by many firms offering products that are similar but not identical, leading to competitive pricing and product differentiation.
Monopoly
A market structure characterized by a single seller selling a unique product in the market.
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