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 (Othio GasPrices.com website, March 18, 2012). Click on the datafile logo to reference the data. DATA file Shell 3.77 BP 3.83 3.83 3.72 3.87 3.76 3.85 Metropolitan Area Akron, Ohio Cincinnati, Ohio Cleveland, Ohio Columbus, Ohio Ft. Wayne, Indiana Indianapolis, Indiana Lansing, Michigan Lexington, Kentucky Louisville, Kentucky Muncie, Indiana Toledo, Ohio Marathon 3.78 3.87 3.89 3.79 3.87 3.87 3.77 3.83 3.85 3.93 3.84 3.84 4.04 3.78 3.84 3.84 3.83 3.99 3.79 3.79 3.78 3.81 3.69 3.79 3.86 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 "0". Source of ss MS P-value Fcrit variation (to 4 decimals) df (to 4 decimals) (to 4 decimals) (to 4 decimals) (to 4 decimals) Rows Columns Error Total The p-value corresponding to Columns is What is your conclusion? Conclude that there is no significant difference in the mean price for the three brands. Coal MTAlor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Finance questions