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Comparison of mean annual income

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A real estate developer is considering investing in a shopping mall on the outskirts of Atlanta, Georgia. Three parcels of land are being evaluated. Of particular importance is the income in the area surrounding the proposed mall. 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 usual five-step hypothesis testing procedure.

Southwyck Area Franklin Park Old Orchard
($000) ($000) ($000)
64 74 75
68 71 80
70 69 76
60 70 78

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Solution Summary

Comparison of mean annual income of 4 families in 3 parcels of land using ANOVA.

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Please see the attached file.

Null Hypothesis : There is no significance difference between mean incomes

Alternative Hypotheis : There is significance difference between mean incomes

Level of significance is 5%

Calculations

South wyck area Franklin Park Old ...

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