Central Airlines claims that the median price of a round-trip ticket from Chicago, Illinois, to Jackson Hole,
Question:
Central Airlines claims that the median price of a round-trip ticket from Chicago, Illinois, to Jackson Hole, Wyoming, is $603. This claim is being challenged by the Association of Travel Agents, who believe the median price is less than $603. A random sample of 25 round-trip tickets from Chicago to Jackson Hole revealed 11 tickets were below $603. None of the tickets was exactly $603.
a. State the null and alternate hypotheses.
b. State the decision rule. Use the .05 significance level.
c. Test the hypothesis and interpret the results.
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a H o median 603 H 1 median 603 b R...View the full answer
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Related Book For 
Statistical Techniques In Business And Economics
ISBN: 9781260239478
18th Edition
Authors: Douglas Lind, William Marchal, Samuel Wathen
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