When is appropriate to use an n-way ANOVA instead of a one-way ANOVA? Provide an example of a business setting where n-way ANOVA might be used.
What will be an ideal response?
n-way ANOVA is used when we want to examine the join effect of two or more grouping variables on a single outcome variable. For example, we might want to know if the pattern of preferences between versions of our new product is different between men and women.
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The manager of a company is considering a special project that will increase sales revenue by $27,500 without affecting costs. If the company has a tax rate of 40%, what will be the after-tax income?
A) $16,500 B) $11,000 C) $27,500 D) $38,500
After finishing his marketing degree, Ryan inherited the family Shrimp Shack restaurant. The restaurant is a small, local institution that beach visitors have been coming to for decades. Ryan wants to make his business grow and is considering either a market penetration or market development strategy. Describe what Ryan will likely do if he pursues either strategy.
What will be an ideal response?
The mailbox rule means that:
A) Offers and acceptances must be communicated through the mail in order to be effective. B) A revocation is effective when sent. C) Offers and acceptances are effective when placed in the mail. D) A properly dispatched acceptance is effective even if the offeror never receives it.
Which of the following statements about the federal flood insurance program is true?
A) Under the write-your-own program, each insurer services the policies it writes. B) The regular portion of the program does not allow the purchase of higher amounts of coverage than are available under the emergency portion of the program. C) No coverage is available for property owners in areas where flooding has occurred previously. D) The maximum amount of coverage that can be written on any single dwelling is $25,000.