Question

In: Statistics and Probability

Problem 2: For a recent year, the mean fare to fly from Charlotte, North Carolina to...

Problem 2:

For a recent year, the mean fare to fly from Charlotte, North Carolina to Chicago Illinois, on a discount ticket was $290. A random sample of 12 round trip discount fares on this route last month shows:

286

290

285

291

287

275

262

289

274

276

297

262

At the 0.01 significance level, can we conclude that the mean fare has decreased? What is the p value?

  1. State the Null and Alternate hypothesis:
  2. State the test statistic:
  3. State the Decision Rule:
  4. Show the calculation:
  5. What is the interpretation of the sample data?
  6. Show the P value

Solutions

Expert Solution

orchestra answered 1 year ago
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