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Step 1 of 2: Find the value of the test statistic to test for a difference among the average daily rental rates for the three rental car companies. Round your answer to two decimal places, if necessary.

Step 1 of 2: Find the value of the test statistic to test for a difference among the average daily rental rates for the three rental car companies. Round your answer to two decimal places, if necessary.

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
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The following table contains the results of a survey of daily rental rates of a mid-size car for three major rental car companies at three airport locations on three different days during the year. Is there sufficient evidence to conclude that there is a significant difference among the average daily rental rates for mid-size cars for the three rental car companies? ### Daily Rental Rates of Mid-Size Cars ($) | | New York | Chicago | Miami | |-----------------|----------|---------|--------| | **Hertz** | 83.99 | 81.99 | 73.99 | | | 89.99 | 91.99 | 45.99 | | | 77.99 | 89.99 | 72.99 | | **Avis** | 75.86 | 77.99 | 70.99 | | | 45.10 | 86.99 | 60.99 | | | 48.98 | 97.99 | 90.99 | | **National** | 80.00 | 75.99 | 57.00 | | | 56.00 | 71.00 | 53.99 | | | 56.00 | 77.99 | 67.99 | This table provides a detailed breakdown of the daily rental rates for mid-size cars offered by Hertz, Avis, and National in New York, Chicago, and Miami. The rates are shown for three different days, revealing the variability and potential factors influencing pricing across different locations and dates.
Transcribed Image Text:The following table contains the results of a survey of daily rental rates of a mid-size car for three major rental car companies at three airport locations on three different days during the year. Is there sufficient evidence to conclude that there is a significant difference among the average daily rental rates for mid-size cars for the three rental car companies? ### Daily Rental Rates of Mid-Size Cars ($) | | New York | Chicago | Miami | |-----------------|----------|---------|--------| | **Hertz** | 83.99 | 81.99 | 73.99 | | | 89.99 | 91.99 | 45.99 | | | 77.99 | 89.99 | 72.99 | | **Avis** | 75.86 | 77.99 | 70.99 | | | 45.10 | 86.99 | 60.99 | | | 48.98 | 97.99 | 90.99 | | **National** | 80.00 | 75.99 | 57.00 | | | 56.00 | 71.00 | 53.99 | | | 56.00 | 77.99 | 67.99 | This table provides a detailed breakdown of the daily rental rates for mid-size cars offered by Hertz, Avis, and National in New York, Chicago, and Miami. The rates are shown for three different days, revealing the variability and potential factors influencing pricing across different locations and dates.
**ANOVA Table: Rental Car Company Analysis** | Source of Variation | SS | df | MS | |---------------------|-----------|----|----------| | Company | 709.6404 | 2 | 354.8202 | | Location | 1631.7178 | 2 | 815.8589 | | Interaction | 1157.8336 | 4 | 289.4584 | | Within | 2379.7889 | 18 | 132.2105 | | Total | 5878.9807 | 26 | | *Step 1 of 2*: Find the value of the test statistic to test for a difference among the average daily rental rates for the three rental car companies. Round your answer to two decimal places, if necessary. **Explanation:** This table represents an Analysis of Variance (ANOVA) test, which is used to compare means across multiple groups. The sources of variation are divided into 'Company', 'Location', 'Interaction', and 'Within'. Here's what each column represents: - **SS (Sum of Squares):** Measures the total variation for each source. - **df (Degrees of Freedom):** Number of independent values that can vary for each source. - **MS (Mean Square):** Average of the sum of squares which is calculated by dividing SS by df. This table helps in determining if there are significant differences in rental rates based on company, location, and their interaction.
Transcribed Image Text:**ANOVA Table: Rental Car Company Analysis** | Source of Variation | SS | df | MS | |---------------------|-----------|----|----------| | Company | 709.6404 | 2 | 354.8202 | | Location | 1631.7178 | 2 | 815.8589 | | Interaction | 1157.8336 | 4 | 289.4584 | | Within | 2379.7889 | 18 | 132.2105 | | Total | 5878.9807 | 26 | | *Step 1 of 2*: Find the value of the test statistic to test for a difference among the average daily rental rates for the three rental car companies. Round your answer to two decimal places, if necessary. **Explanation:** This table represents an Analysis of Variance (ANOVA) test, which is used to compare means across multiple groups. The sources of variation are divided into 'Company', 'Location', 'Interaction', and 'Within'. Here's what each column represents: - **SS (Sum of Squares):** Measures the total variation for each source. - **df (Degrees of Freedom):** Number of independent values that can vary for each source. - **MS (Mean Square):** Average of the sum of squares which is calculated by dividing SS by df. This table helps in determining if there are significant differences in rental rates based on company, location, and their interaction.
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