The more costly and time-consuming it is to export and import, the more difficult it is for local companies to be competitive and to reach international markets. As part of an initial investigation exploring foreign market entry, 10 countries were selected from each of four global regions. The cost associated with compliance of the economy's customs regulations to import a shipment in these countries (in US$), is stored in International Market 2.
a. At the 0.05 level of significance, is there evidence of a difference in the mean cost of importing across the four global regions?
b. If appropriate, determine which global regions differ in mean cost of importing.
c. At the 0.05 level of significance, is there evidence of a difference in the variation in cost of importing among the four global regions?
d. Which global region(s) should you consider for foreign market entry? Explain.