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Statistics: Are flights cheaper when scheduled earlier?

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Assume that the paired sample data are simple random samples and that the difference have a distribution that is approximately normal.

Listed below are the costs (in dollars) of flights from New York (JFK) to San Francisco for US Air, Continental, Delta, United, American, Alaska, and Northwest. Use a 0.01 significance level to test the claim that flights scheduled one day in advance cost more than flights scheduled 30 days in advance. What strategy appears to be effective in saving money when flying?
Flight scheduled one day in advance 456, 614, 628, 1088, 943, 567, 536
Flight scheduled 30 days in advance 244, 260, 264, 264, 278, 318, 280

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Solution Summary

The expert determines if flights are cheaper when scheduled earlier.

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Using Excel, we perform a t-test. See the output (in sheet 4)

t-Test: Two-Sample Assuming Unequal Variances

Variable 1 Variable 2
Mean ...

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  • BSc , Wuhan Univ. China
  • MA, Shandong Univ.
Recent Feedback
  • "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
  • "excellent work"
  • "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
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