Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A travel agent prices their best-selling tour package on the basis of the costs associated with offerring that package. The mean cost is known to
A travel agent prices their best-selling tour package on the basis of the costs associated with offerring that package. The mean cost is known to be 1786 USD. However, the travel agent suspects that due to market instability, the actual cost may have increased significantly. The company randomly selects 24 of their recent tour packages, and found the mean cost to be 1948.0 USD with a standard deviation of 486 USD. A test was conducted at 5% level of significance to see if the agent's claim was valid. a. Calculate the value of the the appropriate test statistic for this test. Answer rounded to at least 2 decimal places. b. Determine the tabulated critical value for this test. Only write the absolute value (without +/- sign) Answer rounded to at least 3 decimal places. c. Determine the p-value for this test. Answer in exact fraction, or rounded to at least 4 decimal places
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started