For a recent year, the mean fare to fly from Charlotte, North Carolina

For a recent year, the mean fare to fly from Charlotte, North Carolina, to Chicago, Illinois, on a discount ticket was $267. A random sample of 13 round-trip discount fares on this route last month gives:

$321, $286, $290, $330, $310, $250, $270,$ 280,$ 299,$265,$ 291, $275, $281

For each problem:

1. State the null (Ho) and alternative (Ha) hypotheses

2. Select or note the (alpha) level of significance (for the test)

3. Identify [for later Calculation] the test statistic formula (e.g.: z, t)

4. Determine the Critical Value and Formulate a Decision Rule based on the critical value

5. Derive and Compute The Test Statistic Value

6. Make a Decision: Decide to Reject or not Reject the Null Hypothesis

7. State the implication(s) to the original exercise scenario.

Here’s the SOLUTION

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