Please answer the question below. Please submit your solution as an Excel attachment and be sure to show ALL calculations that you use to prepare the ANOVA table.
A real estate developer is considering investing in a shopping mall on the outskirts of Atlanta, Georgia. Three parcels of land are being evaluated. A random sample of four families is selected near each proposed mall. Following are the sample results. At the .05 significance level, can the developer conclude there is a difference in the mean income? Use the five-step hypothesis testing procedure.
Southwyck Are Franklin Park Old Orchard
($000) ($000) ($000)
64 74 75
68 71 80
70 69 76
60 70 78
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This solution provides a null and alternative hypothesis and calculates the test statistic for the ANOVA test. The F-statistic is then compared to the p-value and a decision is made to accept or reject the null hypothesis.