Question: Airline ticket prices are generally optimized for the airline's benefit, not for the consumer's benefit. On July 8, 2010, at the online travel agency website, the following airfares were proposed for round-trip travel from Seattle to Boston leaving one week later: AirTran: $721; Alaska: $787; American: $1319; Continental: $729; Delta: $520; Frontier: $661; Jet Blue: $657; U.S. Airways: $676; and United: $510.
a. Compute the standard deviation, viewing these airfares as a sample of fares that might be obtained under similar circumstances.
b. Write a paragraph, interpreting the standard deviation and discussing variation in airline fares.