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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

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

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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
Transcribed Image 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
Expert Solution
Step 1

Null hypothesis: H0:μ1=μ2=μ3, there's no difference between the price of the stores.

Given SST = 683.22, SSW = 441.9

The ANOVA is given below:

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