Random sample of executives from companies with assets over $1 million was selected and asked for their annual income and level of education. The following MegaStat output summarized the results: Using this output, what conclusions can you draw?
A) The total size of the sample used was 24.
B) Since the P-value is 0.0008, there is an 8% chance of these results happening when there is no significant difference in the incomes of these three groups.
C) Since the calculated F-value is large, and the P-value is so small, there is strong evidence to suggest that the three groups with different levels of education do not all have the same incomes.
D) Since the calculated F-value is large, and the P-value is so small, there is strong evidence to suggest that all three groups with different levels of education have the same incomes.

Question

Random sample of executives from companies with assets over $1 million was selected and asked for their annual income and level of education. The following MegaStat output summarized the results:   Using this output, what conclusions can you draw?
A) The total size of the sample used was 24. 
B) Since the P-value is 0.0008, there is an 8% chance of these results happening when there is no significant difference in the incomes of these three groups. 
C) Since the calculated F-value is large, and the P-value is so small, there is strong evidence to suggest that the three groups with different levels of education do not all have the same incomes. 
D) Since the calculated F-value is large, and the P-value is so small, there is strong evidence to suggest that all three groups with different levels of education have the same incomes.

Quizplus · Accepted Answer

The output shows a significant F-value and a small P-value, indicating strong evidence against the null hypothesis of equal means for all three groups. Therefore, we can conclude that these executives' incomes differ across different education levels. Option A is incorrect because the sample size is not explicitly given in the output. Option B is incorrect because the P-value is actually very low, not 8%. Option D is incorrect because it contradicts the evidence from the F-test and P-value.

Random Sample of Executives from Companies with Assets Over $1