The Global Business Travel Association reported the domestic airfare 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. Do not round intermediate calculations. Current YearPrevious Year Current YearPrevious Year636483 585393324240 423321690237 240372585501 573573672348 324360297213 690588 What is the p-value?p-value (to 3 decimals)Degrees of freedom t -value is . Using a 0.05 level of significance, what is your conclusion?We can or cannot 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)

Step 1: It is needed to test, whether there has been a significance increase in business travel…

Answered: The Global Business Travel Association…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 8MCQ

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The Global Business Travel Association reported the domestic airfare 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. Do not round intermediate calculations.

Current Year	Previous Year	Current Year	Previous Year
636	483	585	393
324	240	423	321
690	237	240	372
585	501	573	573
672	348	324	360
297	213	690	588

What is the p-value?

p-value	(to 3 decimals)
Degrees of freedom

t -value is .

Using a 0.05 level of significance, what is your conclusion?
We can or cannot 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)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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