Answered: Discount fares for flights Mean…

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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*Discount fares for flights*

Mean	388.31
Standard Error	6.23
Median	386
Mode	#N/A
Standard Deviation	22.46
Sample Variance	504.39
Kurtosis	-0.13
Skewness	0.35
Range	80
Minimum	350
Maximum	430
Sum	5048
Count	13
Confidence Level(95.0%)	13.57

The above is an output from Excel, indicating the mean and standard deviation of the round trip discount fares from Charlotte, NC to Seattle, WA, taking a random sample of 13 discount fares. In recent years, the mean fare has been $370 for the same flights. At the 0.05 level of significance, can we conclude that the mean fare has increased?

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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