Explain finding value of test statistic and p-value

Reference no: EM1316278

Finding the value of test statistic and P-value also interpret the result.

In the year 2003 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:

$321.00	$286.00	$290.00	$330.00	$310.00	$250	$270	$280	$299	$265
$291	$275	$281

At the .01 significance level can we conclude that the mean fare has increased?

What is the p-value?

Reference no: EM1316278

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