Information regarding the starting salaries (in $1000) of samples of students in four different majors is given below.

 Majors Management
Marketing
Finance
Accounting
Sample size12
10
9
14
Average26
31
22
25
Sample variance16
7
16
9
?
a.Compute the overall sample mean .b.Set up the ANOVA table for this problem including the test statistic.c.At the 5% level of significance, determine the critical value of F.d.Using the critical value approach, test to determine whether there is a significant difference in the means of the three populations.e.Determine the p-value and use it for the test.

What will be an ideal response?

a. 26?b.

Source of VariationSSdfMSF
Between Groups408313611.5
Within Groups4844111.8 
Total89244  
?c. 2.84 (approximated at 40 denominator degrees of freedom)?d. Since 11.5 > 2.84, reject H0 and conclude there is a significant difference among the means of the three populations.?e. p-value < .01, therefore reject H0 (actual p-value using Excel is almost zero).

Business

You might also like to view...

The marketing mix strategy involves tactics with respect to the product, price, promotion, and service

Indicate whether the statement is true or false

View
Business

Management always uses journal entries to commit fraud because they are not reviewed by auditors

a. True b. False Indicate whether the statement is true or false

View
Business

The ___________ has a right to inform the employees of their rights during the inspection.

A. inspector B. union president C. employer D. attorney E. cross-examiner

View
Business

Explain the two common punctuation styles used in business letters

View
Business