The Global Business Travel Association (GBTA) reported the domestic airfare for business travel for the current year and the previous year. Below is a sample of 6 flights with their domestic airfares (in $) shown for both years. Suppose GBTA wished to see if the average airfare for the current year is greater than the average airfare for the previous year at a=.1. Current 355 743 560 449 263 651 Previous 348 746 549 440 250 652 For the hypothesis stated above, what is the critical value (in terms of "Current" minus "Previous")? O a. 1.476 O b. 1,440 OC. 1.383 O d. None of the answers is correct O e. 1.372
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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