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Recently, three new airlines, MAXjet, L’Avion, and Eos, began operations selling business or first-class-only service.5 These airlines need to estimate the highest fare a business-class traveler would pay on a New York to Paris route, roundtrip. Suppose that one of these airlines will institute its route only if it can be reasonably certain (90%) that passengers would pay $1,800. Suppose also that a random sample of 50 passengers reveals a sample average maximum fare of $1,700 and the population standard deviation is $800. a. Construct a 90% confidence interval. b. Should the airline offer to fly this route based on your answer to part (a)?

Recently, three new airlines, MAXjet, L’Avion, and Eos, began operations selling business or first-class-only service.5These airlines need to estimate the highest fare a business-class traveler would pay on a New York to Paris route, roundtrip. Suppose that one of these airlines will institute its route only if it can be reasonably certain (90%) that passengers would pay $1,800. Suppose also that a random sample of 50 passengers reveals a sample average maximum fare of $1,700 and the population standard deviation is $800.

a. Construct a 90% confidence interval.

b. Should the airline offer to fly this route based on your answer to part (a)?

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