An airline claims that the median price of a round-trip ticket is less than $503. For a random sample of 400 tickets, the value of the Wilcoxon sign-ranks test is T = T⁺ = 37,230.
A) Specify the competing hypothesis to determine whether the median ticket price is less than $503.
B) Assume the normal approximation for the distribution of T, and calculate the value of the corresponding test statistic.
C) At the 10% significance level, what is the decision and conclusion?

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The Answer of An airline claims that the median price of a round-trip ticket is less than $503. For a random sample of 400 tickets, the value of the Wilcoxon sign-ranks test is T = T⁺ = 37,230. A) Specify the competing hypothesis to determine whether the median ticket price is less than $503. B) Assume the normal approximation for the distribution of T, and calculate the value of the corresponding test statistic. C) At the 10% significance level, what is the decision and conclusion?

An Airline Claims That the Median Price of a Round-Trip