Random Samples of Individuals from Three Different Cities Were Asked $\alpha$

question 88

Essay

Random samples of individuals from three different cities were asked how much time they spend per day watching television. The results (in minutes) for the three groups are shown below.

At $\alpha$ = 0.05, test to see if there is a significant difference in the averages of the three groups.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, used in finance to quantify the risk of an investment.

Unsystematic Risk

A type of risk that affects a very specific group of securities or an individual security and can be mitigated through diversification.

Business-Specific Risk

Also known as unsystematic risk, it refers to the risk associated with a specific sector or company.

Diversified Portfolio

An investment strategy that involves spreading investments across various asset classes to reduce risk.