Business

1.A consumer organization wants to know if there is a difference in the price of a particular toy at three different types of stores. The price of the toy was checked in a sample of five discount toy stores, five variety stores, and five department stores. The results are shown below.

Discount toy Variety Department
$12 15 19
13 17 17
14 14 16
12 18 20
15 17 19

 

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An ANOVA was run and the results are shown below. At the .05 significance level, is there a difference in the mean prices between the three stores? What is the p-value? Explain why an ANOVA was used to analyze this problem.

 

One factor ANOVA
  Mean n Std. Dev
Discount Toys 13.2 5 1.3
Variety 16.2 5 1.64
Department 18.2 5 1.64
Total 15.9 15 2.56
       
ANOVA table          
Source SS df MS F p-value
Treatment 63.33 2 31.667 13.38 0.0009
Error 28.4 12 2.367    
Total 91.73 14      

 

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