For a recent year, the mean fare to fly from Charlotte, North Carolina, to Seattle, Washington, on a discount ticket was $267. A random sample of round-trip discount fares on this route last month gives:
At the .01 significance level, can we conclude that the mean fare has increased?
1. Write the null and alternative hypothesis
2. What is the significance level?
3. Solve for z value
4. Write the decision rule
5. Accept or Reject: Be Very Specific what you plan to do and why.