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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 Preview

    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%


    South wyck area Franklin Park Old ...

    Solution Summary

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