Determining the p-value if mean fare has increased

Reference no: EM1318488

Q1) Each month National Association of Purchasing Managers publishes NAPM index. One of the questions asked on survey to buy agents is: Do you believe economy is expanding? Last month, of 300 responses, 160 answered yes to question. This month, 170 of the 290 responses indicated they felt economy was expanding. At 0.05 significance level, can we conclude that larger proportion of agents think the economy is expanding this month?

In year 2007 the mean fare to fly from Chariotte, North Carolina, to Seattle, Washington, on a discount ticket was $267. Random sample of round-trip discount fares on this route last month gives:

$321

$286

$290

$330

$310

$250

$270

$280

$299

$265

$291

$275

$281

At 0.01 significance level can we conclude that mean fare has increased? Determine the p-value?

Reference no: EM1318488

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