Question: The article referenced in the previous exercise also described an experiment in which students at Columbia Business School were randomly assigned to one of two

The article referenced in the previous exercise also described an experiment in which students at Columbia Business School were randomly assigned to one of two groups. Students in one group were shown a coffee mug and asked how much they would pay for that mug. Students in the second group were given a coffee mug identical to the one shown to the first group and asked how much someone would have to pay to buy it from them. It was reported that the mean value assigned to the mug for the second group was significantly higher than the mean value assigned to the same mug for the first group. In the context of this experiment, explain what it means to say that the mean value was significantly higher for the group that was given the mug.

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