Answered: The mean cost of domestic airfares in…

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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17. The mean cost of domestic airfares in the United States rose to an all-time high of $385

per ticket (Bureau of Transportation Statistics website, November 2, 2012). Airfares were

based on the total ticket value, which consisted of the price charged by the airlines plus

any additional taxes and fees. Assume domestic airfares are normally distributed with a

standard deviation of $110.

a. W hat is the probability that a domestic airfare is $550 or more?

b. W hat is the probability that a domestic airfare is $250 or less?

c. W hat is the probability that a domestic airfare is between $300 and $500?

d. W hat is the cost for the 3% highest domestic airfares?

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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