Modern Business Statistics with Microsoft Excel (MindTap Course List)

5th Edition

ISBN: 9781285433301

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams

Publisher: Cengage Learning

See similar textbooks

Videos

Textbook Question

Chapter 10.3, Problem 24E

Domestic Airfare. 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.

Chapter 10.3, Problem 24E, Domestic Airfare. The Global Business Travel Association reported the domestic airfare for business

a. Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period. What is the p-value? Using a .05 level of significance, what is your conclusion?
b. What is the sample mean domestic airfare for business travel for each year?
c. What is the percentage change in the airfare for the one-year period?

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 + ...

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 10.3, Problem 23E

Chapter 10.3, Problem 25E

Chapter 10 Solutions

Modern Business Statistics with Microsoft Excel (MindTap Course List)

Ch. 10.1 - The following results come from two independent...Ch. 10.1 - 2. Consider the following hypothesis test. The...Ch. 10.1 - 3. Consider the following hypothesis test. The...Ch. 10.1 - 4. Condé Nast Traveler conducts an annual survey...Ch. 10.1 - 5. The USA Today reports that the average...Ch. 10.1 - Hotel Price Comparison. Suppose that you are...Ch. 10.1 - Consumer Reports uses a survey of readers to...Ch. 10.1 - Prob. 8E Ch. 10.2 - The following results are for independent random...Ch. 10.2 - Consider the following hypothesis test: The...

Ch. 10.2 - Consider the following data for two independent...Ch. 10.2 - Prob. 12E Ch. 10.2 - Annual Cost of College. The increasing annual cost...Ch. 10.2 - Are nursing salaries in Tampa, Florida, lower than...Ch. 10.2 - Prob. 15E Ch. 10.2 - Effect of Parents’ Education on Student SAT...Ch. 10.2 - Comparing Financial Consultant Ratings....Ch. 10.2 - Researchers at Purdue University and Wichita State...Ch. 10.3 - Consider the following hypothesis test. The...Ch. 10.3 - The following data are from matched samples taken...Ch. 10.3 - Prob. 21E Ch. 10.3 - The price per share of stock for a sample of 25...Ch. 10.3 - Credit Card Expenditures. Bank of America’s...Ch. 10.3 - Domestic Airfare. The Global Business Travel...Ch. 10.3 - Prob. 25E Ch. 10.3 - PGA Tour Scores. Scores in the first and fourth...Ch. 10.3 - Price Comparison of Smoothie Blenders. A personal...Ch. 10.4 - Consider the following results for independent...Ch. 10.4 - Prob. 29E Ch. 10.4 - Corporate Hiring Outlook. A Businessweek/Harris...Ch. 10.4 - Prob. 31E Ch. 10.4 - Prob. 32E Ch. 10.4 - Chicago OHare and Atlanta Hartsfield-Jackson are...Ch. 10.4 - Prob. 34E Ch. 10.4 - In a test of the quality of two television...Ch. 10.4 - Winter visitors are extremely important to the...Ch. 10.4 - Prob. 37E Ch. 10 - Prob. 38SE Ch. 10 - Prob. 39SE Ch. 10 - Prob. 40SE Ch. 10 - Kitchen Versus Bedroom Remodeling Costs. The...Ch. 10 - In early 2009, the economy was experiencing a...Ch. 10 - Country Financial, a financial services company,...Ch. 10 - Prob. 44SE Ch. 10 - Prob. 45SE Ch. 10 - Prob. 46SE Ch. 10 - For the week ended January 15, 2009, the bullish...

Knowledge Booster

$Statistics$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Recommended textbooks for you

Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill

Glencoe Algebra 1, Student Edition, 9780079039897...

Algebra

ISBN:9780079039897

Author:Carter

Publisher:McGraw Hill

SEE MORE TEXTBOOKS

Hypothesis Testing using Confidence Interval Approach; Author: BUM2413 Applied Statistics UMP;https://www.youtube.com/watch?v=Hq1l3e9pLyY;License: Standard YouTube License, CC-BY

Hypothesis Testing - Difference of Two Means - Student's -Distribution & Normal Distribution; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=UcZwyzwWU7o;License: Standard Youtube License

Solution Summary: The author states that there is no significant increase in the mean domestic airfare for business travel for the one-year period.

Videos

Want to see the full answer?

Chapter 10 Solutions