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MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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![**Problem 5**
For 2019, the mean fare to fly from Los Angeles to Miami was $250 on Aero Lindvallia. In December 2021, nine flights were randomly surveyed, resulting in the following ticket price data being recorded:
- $321
- $286
- $310
- $250
- $270
- $280
- $299
- $275
- $281
*The numbers above can be copied and pasted directly into Microsoft Excel®.*
**Questions:**
a. What test would you use to determine if the ticket prices had gone up or down? Is it a one-tailed or two-tailed test? Explain.
b. Calculate the necessary statistics to perform that test.
c. Using the 6-step hypothesis testing procedure, perform the test that you described above. Use a level of significance of 0.01. Comment on each step of the 6-step hypothesis testing procedure; especially explain why a t-distribution must be used.
d. Compute the p-value. Would the results of the hypothesis test change if the level of significance was 0.05?](https://content.bartleby.com/qna-images/question/cbeb25de-676a-45f2-a3b8-06c134766357/7944b544-c714-43ec-998b-85d107f55258/dketip.jpeg)
Transcribed Image Text:**Problem 5**
For 2019, the mean fare to fly from Los Angeles to Miami was $250 on Aero Lindvallia. In December 2021, nine flights were randomly surveyed, resulting in the following ticket price data being recorded:
- $321
- $286
- $310
- $250
- $270
- $280
- $299
- $275
- $281
*The numbers above can be copied and pasted directly into Microsoft Excel®.*
**Questions:**
a. What test would you use to determine if the ticket prices had gone up or down? Is it a one-tailed or two-tailed test? Explain.
b. Calculate the necessary statistics to perform that test.
c. Using the 6-step hypothesis testing procedure, perform the test that you described above. Use a level of significance of 0.01. Comment on each step of the 6-step hypothesis testing procedure; especially explain why a t-distribution must be used.
d. Compute the p-value. Would the results of the hypothesis test change if the level of significance was 0.05?
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