Question

In: Statistics and Probability

The domestic airfare for business travel for the current year and the previous year was reported....

The domestic airfare for business travel for the current year and the previous year was reported. A sample of 12 flights with their domestic airfares shown for both years is contained in the Excel Online file below. Construct a spreadsheet to answer the following questions.
Current Year Previous Year
552 399
447 498
525 543
480 312
555 588
537 243
384 342
420 288
387 411
315 450
249 498
345 486

a. Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period.

_________<>≤≥=≠
_________<>≤≥=≠

What are the -value, degrees of freedom, and -value

t-value (to 4 decimals)
Degrees of freedom
p-value (to 4 decimals)

Using a .05 level of significance, what is your conclusion?

We _________can concludecannot conclude that there has been a significance increase in business travel airfares over the one-year period.

b. What is the sample mean domestic airfare for business travel for each year?

Current Year: $  (to 2 decimals)
Previous Year: $  (to 2 decimals)

c. What is the percentage change in the airfare for the one-year period?

% (to 2 decimals)

Solutions

Expert Solution

orchestra answered 1 year ago
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