Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The price drivers pay for gasoline often varies a great deal across regions throughout the United States. The following data show the price per gallon

image text in transcribed
The price drivers pay for gasoline often varies a great deal across regions throughout the United States. The following data show the price per gallon for regular gasoline for a random sample of gasoline service stations for three major brands of gasoline (Shell, BP, and Marathon) located in 11 metropolitan areas across the upper Midwest region (OthioGas Prices.com website, March 18, 2012). Click on the datafile logo to reference the data. DATA file Metropolitan Area Shell BP Marathon Akron, Ohio 3.77 3.83 3.78 Cincinnati, Ohio 3.72 3.83 3.87 Cleveland, Ohio 3.87 3.85 3.89 Columbus, Ohio 3.76 3.77 3.79 Ft Wayne, Indiana 3.83 3.84 3.87 Indianapolis, Indiana 3.85 3.84 3.87 Lansing, Michigan 3.93 4.04 3.99 Lexington, Kentucky 3.79 3.78 3.79 Louisville, Kentucky 3.78 3.84 3.79 Muncie, Indiana 3.81 3.84 3.86 Toledo, Ohio 3.69 3.83 3.86 Use a = .05 to test for any significant difference in the mean price of gasoline for the three brands. If required, round your answers to four decimal places. If your answer is zero enter "O". Source of SS MS F variation P-value F crit (to 4 (to 4 (to 4 decimals) (to 4 df decimals) decimals) decimals) decimals) Rows 0.1080 10 0.0108 0.0000 2.3478 Columns 2 X 3.4928 Error 0.0012 Total 32 (to 4 20 The p-value corresponding to Columns is What is your conclusion? Conclude that there is a significant difference in the mean price for the three brands

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Risk In The Operation Of EDF Financed Projects

Authors: Koffi Rufin Kouame

1st Edition

6205912651, 978-6205912652

More Books

Students also viewed these Accounting questions

Question

What advice would you provide to Jennifer?

Answered: 1 week ago

Question

What are the issues of concern for each of the affected parties?

Answered: 1 week ago