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Calculate the confidence interval on the fare

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Reference no: EM131527692

A random sample of 16 passengers between the two airports flying by ABC Airlines yielded a mean fare of $172. The population standard deviation of the fare is known to be $37.

  1. Calculate Margin of Error at 93% confidence and calculate the Confidence Interval on the fare between the two airports for ABC.
  2. Provide an interpretation for what the 93% confidence interval calculated above means.
  3. Calculate Margin of Error at 97% confidence and calculate the Confidence Interval on the fare between the two airports for ABC.
  4. Provide an interpretation for what the 97% confidence interval calculated above means.
  5. Based on the 93% and 97% confidence intervals calculated above, could you answer the question "Is the mean fare between the two airports on ABC Airlines different than $150?" Why or Why not?

Reference no: EM131527692

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