The Global Business 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 345 315 526 463 420 462 216 206 285 275 405 432 635 585 710 650 605 545 517 547 570 508 610 580 (a) Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period. H0: ?d ≤ 0 Ha: ?d > 0 H0: ?d = 0 Ha: ?d ≠ 0 H0: ?d < 0 Ha: ?d = 0 H0: ?d ≠ 0 Ha: ?d = 0 H0: ?d ≥ 0 Ha: ?d < 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? Reject H0. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period.Do not reject H0. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. Reject H0. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period.Do not reject H0. We can 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.)

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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The Global Business 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	315
526	463
420	462
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.

H₀: ?_d ≤ 0

H_a: ?_d > 0

H₀: ?_d = 0

H_a: ?_d ≠ 0

H₀: ?_d < 0

H_a: ?_d = 0

H₀: ?_d ≠ 0

H_a: ?_d = 0

H₀: ?_d ≥ 0

H_a: ?_d < 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?

Reject H₀. We can conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period.Do not reject H₀. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period. Reject H₀. We cannot conclude that there has been a significant increase in the mean domestic airfare for business travel for the one-year period.Do not reject H₀. We can 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.)

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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