Central Airlines claims that the median price of a round-trip ticket from Chicago, Illinois, to Jackson Hole, Wyoming, is $606. This claim is being challenged by the Association of Travel Agents, who believe the median price is less than $606. A random sample of 25 round-trip tickets from Chicago to Jackson Hole revealed 11 tickets were below $606. None of the tickets was exactly $606.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.