Princess Cruises recently offered a 16-day voyage from Beijing to Bangkok during the time period from May

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Princess Cruises recently offered a 16-day voyage from Beijing to Bangkok during the time period from May to August. The announced price, excluding airfare, for a room with an ocean view or a balcony was listed as $3,475. Cruise fares usually are quite variable due to discounting by the cruise line and travel agents. A sample of 20 passengers who purchased this cruise paid the following amounts (in dollars):

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a. Calculate the sample mean cruise fare.
b. Determine the sampling error for this sample.
c. Would the results obtained in part b indicate that the average cruise fare during this period for this cruise is different from the listed price? Explain your answer from a statistical point of view.
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Related Book For  book-img-for-question

Business Statistics A Decision Making Approach

ISBN: 9780133021844

9th Edition

Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry

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