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Test of Variance with Significance Level

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Madison Associates is a marketing research firm that specializes in comparative shopping. Tyler is hired by General Motors to compare the selling price of the Pontiac Sunbird with the Chevy Cavalier. Posing as a potential customer, a representative of Madison visited 8 Pontiac dealerships in Sun city and 6 Chevrolet dealerships and obtained quotes on comparable cars.

The standard deviation for the selling prices of 8 Sunbirds is $350 and on the six Cavaliers, $290.

At the 0.01 significance level is there a difference in the variation in the quotes of the Pontiacs and Chevrolets?

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Solution Summary

To test if there is significant variation in the quotes.

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Madison Associates is a marketing research firm that specializes in comparative shopping. Tyler is hired by General Motors to compare the selling price of the Pontiac Sunbird with the Chevy Cavalier. Posing as a potential customer, a representive of Madison visited 8 ...

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