6. You know that stores tend to charge different prices for similar or identical products, and you want to test whether or not these differences are, on average, statistically significantly different....

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6. You know that stores tend to charge different prices for similar or identical<br>products, and you want to test whether or not these differences are, on<br>average, statistically significantly different. You go online and collect data<br>from 3 different stores, gathering information on 15 products at each store.<br>You find that the average prices at each store are: Store 1 xbar = $27.82,<br>Store 2 xbar = $38.96, and Store 3 xbar = $24.53. Based on the overall<br>variability in the products and the variability within each store, you find the<br>following values for the Sums of Squares: SST = 683.22, SSW = 441.19.<br>Complete the ANOVA table and use the 4 step hypothesis testing procedure<br>to see if there are systematic price differences between the stores.<br>%3D<br>

Extracted text: 6. You know that stores tend to charge different prices for similar or identical products, and you want to test whether or not these differences are, on average, statistically significantly different. You go online and collect data from 3 different stores, gathering information on 15 products at each store. You find that the average prices at each store are: Store 1 xbar = $27.82, Store 2 xbar = $38.96, and Store 3 xbar = $24.53. Based on the overall variability in the products and the variability within each store, you find the following values for the Sums of Squares: SST = 683.22, SSW = 441.19. Complete the ANOVA table and use the 4 step hypothesis testing procedure to see if there are systematic price differences between the stores. %3D

Jun 03, 2022
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