Hypothesis Test Paper
Inflation in the United States is at an all-time high. The recession of the U.S. economy only hinders people more with high gas prices. A one population test using the One Factor ANOVA test and a five-step hypothesis test can be used to determine if gas prices are equally high in many different states. The samples used to test the hypothesis come from data collected from 30 randomly selected gas stations in six different cities. The hypothesis test and some solutions to consider may have an effect on direct and indirect stakeholders and is very important to the economy as a whole.
Data Points
Utah Virginia California Indiana Florida Virginia
Salt Lake city Wytheville Los Angeles Schererville Milton Richmond
Tina Sheri Jean Jennifer Kim Janet
3.33 3.42 3.85 3.79 3.65 3.37
3.34 3.44 3.83 3.83 3.65 3.59
3.35 3.51 3.79 3.79 3.63 3.41
3.54 3.48 3.79 3.85 3.68 3.49
3.61 3.55 3.89 3.74 3.67 3.46
Background The purpose of this research is to identify trends and differences in gas prices in various regions of the United States. Gas prices vary across the country, and continually rise and fall, trending as the economy improves and worsens. The increase and decrease of gas prices depend on how well the economy is at the time, and can affect each of its stakeholders differently. The hypothesis is that gas prices, although they vary across the nation, will remain fairly equal in many different regions of the United States.
Stakeholders
Gas is the number one resource in fueling business productivity and profitability. Stakeholders in the gasoline industry such as BP, Exxon, Shell, and Mobile are just a few giant companies that can regulate the price of gas. Many of these companies also influence how they affect the stock market. Usually, when the price of oil increases, the price of gas goes up and prices in the stock market decrease. Another major stakeholder, the independent owner/operator of a gas station has the ability to control and
Data Points
Utah Virginia California Indiana Florida Virginia
Salt Lake city Wytheville Los Angeles Schererville Milton Richmond
Tina Sheri Jean Jennifer Kim Janet
3.33 3.42 3.85 3.79 3.65 3.37
3.34 3.44 3.83 3.83 3.65 3.59
3.35 3.51 3.79 3.79 3.63 3.41
3.54 3.48 3.79 3.85 3.68 3.49
3.61 3.55 3.89 3.74 3.67 3.46
Background The purpose of this research is to identify trends and differences in gas prices in various regions of the United States. Gas prices vary across the country, and continually rise and fall, trending as the economy improves and worsens. The increase and decrease of gas prices depend on how well the economy is at the time, and can affect each of its stakeholders differently. The hypothesis is that gas prices, although they vary across the nation, will remain fairly equal in many different regions of the United States.
Stakeholders
Gas is the number one resource in fueling business productivity and profitability. Stakeholders in the gasoline industry such as BP, Exxon, Shell, and Mobile are just a few giant companies that can regulate the price of gas. Many of these companies also influence how they affect the stock market. Usually, when the price of oil increases, the price of gas goes up and prices in the stock market decrease. Another major stakeholder, the independent owner/operator of a gas station has the ability to control and
References: Doane, D.P., & Seward, L.E. (2007). Applied Statistics in Business and Economics. Retrieved from University of Phoenix.