Book Prices. The R. R. Bowker Company collects data on book prices and publishes its findings in The Bowker Annual Library and Book Trade Almanac. Independent simple random samples of hardcover books in law, science, medicine, and technology gave the data, in dollars, on the WeissStats site. a. Obtain individual normal probability plots and the standard deviations of the samples. b. Perform a residual analysis. c. Use your results from parts (a) and (b) to decide whether conducting a one-way ANOVA test on the data is reasonable. If so, also do parts (d) and (e). d. Use a one-way ANOVA test to decide, at the 5% significance level, whether the data provide sufficient evidence to conclude that a difference exists among the means of the populations from which the samples were taken. e. Interpret your results from part (d)
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
Book Prices. The R. R. Bowker Company collects data on book prices and publishes its findings in The Bowker Annual Library and Book Trade Almanac. Independent simple random samples of hardcover books in law, science, medicine, and technology gave the data, in dollars, on the WeissStats site.
a. Obtain individual normal probability plots and the standard deviations of the samples.
b. Perform a residual analysis.
c. Use your results from parts (a) and (b) to decide whether conducting a one-way ANOVA test on the data is reasonable. If so, also do parts (d) and (e).
d. Use a one-way ANOVA test to decide, at the 5% significance level, whether the data provide sufficient evidence to conclude that a difference exists among the means of the populations from which the samples were taken.
e. Interpret your results from part (d)
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