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A travel association reported the domestic airfare (in dollars) for business travel for the current year and the previous year. Below is a sample of 12 flights with their domestic airfares shown for both years. Current Previous Year Year 345 303 526 463 420 474 216 206 285 275 405 432 635 585 710 650 605 545 517 547 570 508 610 580 (a) Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period. Hai ng20 H:w.<0 Calculate the test statistic. (Use current year airfare - previous year airfare. Round your answer to three decimal places.) Calculate the p-value. (Round your answer to four decimal places.) p-value= Using a 0.05 level of significance, what is your conclusion? O Reject Ho. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho- We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho- We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Reject Ho. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. (b) What is the sample mean domestic airfare (in dollars) for business travel each year? current $ previous $ (c) What is the percentage change in mean airfare for the one-year period? (Round your answer to one decimal place.)

A travel association reported the domestic airfare (in dollars) for business travel for the current year and the previous year. Below is a sample of 12 flights with their domestic airfares shown for both years. Current Previous Year Year 345 303 526 463 420 474 216 206 285 275 405 432 635 585 710 650 605 545 517 547 570 508 610 580 (a) Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period. Hai ng20 H:w.<0 Calculate the test statistic. (Use current year airfare - previous year airfare. Round your answer to three decimal places.) Calculate the p-value. (Round your answer to four decimal places.) p-value= Using a 0.05 level of significance, what is your conclusion? O Reject Ho. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho- We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho- We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Reject Ho. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. (b) What is the sample mean domestic airfare (in dollars) for business travel each year? current $ previous $ (c) What is the percentage change in mean airfare for the one-year period? (Round your answer to one decimal place.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Economics You may need to use the appropriate technology to answer this question. A travel association reported the domestic airfare (in dollars) for business travel for the current year and the previous year. Below is a sample of 12 flights with their domestic airfares shown for both years. Current Year Previous Year 345 303 526 463 420 474 216 206 285 275 405 432 635 585 710 650 605 545 517 547 570 508 610 580 (a) Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period. Hai ng20 H:w. <0 Calculate the test statistic. (Use current year airfare - previous year airfare. Round your answer to three decimal places.) Calculate the p-value. (Round your answer to four decimal places.) p-value= Using a 0.05 level of significance, what is your conclusion? O Reject Ho. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho- We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Reject Ho. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. (b) What is the sample mean domestic airfare (in dollars) for business travel for each year? current $ previous $ (c) What is the percentage change in mean airfare for the one-year period? (Round your answer to one decimal place.) % Need Help? Read It Watch It L | $ S
Transcribed Image Text:Economics You may need to use the appropriate technology to answer this question. A travel association reported the domestic airfare (in dollars) for business travel for the current year and the previous year. Below is a sample of 12 flights with their domestic airfares shown for both years. Current Year Previous Year 345 303 526 463 420 474 216 206 285 275 405 432 635 585 710 650 605 545 517 547 570 508 610 580 (a) Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period. Hai ng20 H:w. <0 Calculate the test statistic. (Use current year airfare - previous year airfare. Round your answer to three decimal places.) Calculate the p-value. (Round your answer to four decimal places.) p-value= Using a 0.05 level of significance, what is your conclusion? O Reject Ho. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Do not reject Ho- We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. O Reject Ho. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. (b) What is the sample mean domestic airfare (in dollars) for business travel for each year? current $ previous $ (c) What is the percentage change in mean airfare for the one-year period? (Round your answer to one decimal place.) % Need Help? Read It Watch It L | $ S
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