0-3. Should the bank be concerned with appraiser inconsistencies? Yes O No b. At the 5% significance level, can you conclude that the average values differ by house type? O Yes , since the p-value associated with house type is less than significance level. O No . since the p-value associated with house type is greater than significance level. O No . since the p-value associated with house type is less than significance level. O Yes , since the p-value associated with house type is greater than significance level.

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First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a
mortgage to a prospective buyer. It is imperative that each appraiser values a property with no bias. Suppose First National Bank
wishes to check the consistency of the recent values that its appraisers have established. The bank asked the three appraisers to
value (in $1,000s) three different types of homes: a cape, a colonial, and a ranch. The results are shown in the accompanying table.
(You may find it useful to reference the g table.)
Appraiser
House Type
1
2
427
Саре
Colonial
429
414
530
547
541
Ranch
391
401
377
E Click here for the Excel Data File
a-1. Construct an ANOVA table. (Round intermediate calculations to at least 4 decimal places. Round "SS", "MS", "p-value" to 4
decimal places and "F' to 3 decimal places.)
ANOVA
Source of Varlation
df
MS
F
p-value
Rows
Columns
Error
Total
0.0000
a-2. At the 5% significance level, can you conclude that the average values differ by appraiser?
No , since the p-value associated with appraiser is less than significance level.
O Yes , since the p-value associated with appraiser is greater than significance level.
O Yes, since the p-value associated with appraiser is less than significance level.
O No. since the p-value associated with appraiser is greater than significance level.
a-3. Should the bank be concerned with appraiser inconsistencies?
O Yes
O No
b. At the 5% significance level, can you conclude that the average values differ by house type?
Yes , since the p-value associated with house type is less than significance level.
O No , since the p-value associated with house type is greater than significance level.
O
O No , since the p-value associated with house type is less than signiflcance level.
O Yes, since the p-value associated with house type is greater than significance level.
c. If average values differ by house type, use Tukey's HSD method at the 5% significance level to determine which averages differ. (If
the exact value for n7 - c is not found in the table, use the average of corresponding upper & lower studentized range values.
Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
Population Mean
Does the Average
Confidence Interval
Differences
Differ?
u1 - u2
u1 - p3
u2 - p3
Transcribed Image Text:First National Bank employs three real estate appraisers whose job is to establish a property's market value before the bank offers a mortgage to a prospective buyer. It is imperative that each appraiser values a property with no bias. Suppose First National Bank wishes to check the consistency of the recent values that its appraisers have established. The bank asked the three appraisers to value (in $1,000s) three different types of homes: a cape, a colonial, and a ranch. The results are shown in the accompanying table. (You may find it useful to reference the g table.) Appraiser House Type 1 2 427 Саре Colonial 429 414 530 547 541 Ranch 391 401 377 E Click here for the Excel Data File a-1. Construct an ANOVA table. (Round intermediate calculations to at least 4 decimal places. Round "SS", "MS", "p-value" to 4 decimal places and "F' to 3 decimal places.) ANOVA Source of Varlation df MS F p-value Rows Columns Error Total 0.0000 a-2. At the 5% significance level, can you conclude that the average values differ by appraiser? No , since the p-value associated with appraiser is less than significance level. O Yes , since the p-value associated with appraiser is greater than significance level. O Yes, since the p-value associated with appraiser is less than significance level. O No. since the p-value associated with appraiser is greater than significance level. a-3. Should the bank be concerned with appraiser inconsistencies? O Yes O No b. At the 5% significance level, can you conclude that the average values differ by house type? Yes , since the p-value associated with house type is less than significance level. O No , since the p-value associated with house type is greater than significance level. O O No , since the p-value associated with house type is less than signiflcance level. O Yes, since the p-value associated with house type is greater than significance level. c. If average values differ by house type, use Tukey's HSD method at the 5% significance level to determine which averages differ. (If the exact value for n7 - c is not found in the table, use the average of corresponding upper & lower studentized range values. Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) Population Mean Does the Average Confidence Interval Differences Differ? u1 - u2 u1 - p3 u2 - p3
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