In a completely randomized experimental design, 7 experimental units were used for the first treatment, 9 experimental units for the second treatment, and 14 experimental units for the third treatment. Part of the ANOVA table for this experiment is shown below.
a.Fill in all the blanks in the above ANOVA table.
b.At 95% confidence, test to see if there is a significant difference among the means.
Definitions:
Perfectly Price Discriminate
A pricing strategy where a seller charges the maximum possible price for each unit consumed that each buyer is willing to pay, thus capturing the entire consumer surplus.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service versus what they actually pay.
Federal Trade Commission
The Federal Trade Commission is a United States federal agency established to protect consumers and promote competition by preventing anticompetitive, deceptive, and unfair business practices.
Sherman Antitrust Act
A landmark federal statute passed in 1890 in the United States, which prohibits monopolistic business practices and aims to promote competition.
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