Question

The average cost of a hotel room is said to be $170 per night. To determine if this is true, a random sample of 50 hotels is taken and resulted in a mean of $172.50 and an S of $15.40.

At 98% confidence level, the positive value of the critical value is______

(Hint use Excel T.INV function)

Answer #1

Using T.INV function in Excel gives the critical value as t-score

For, 98% confidence level, critical value (t) = 2.108721

Alternatively, we can also use z-score to find confidence interval, instead of t-score as the sample size is greater than 30.

Now, critical value table gives-

For, 98% confidence level, critical value (z) = 2.326

The average cost of a hotel room in NYC is $168 per night. A
random sample of 25 hotel rooms resulted in X = $172.50 and s =
$15.40. Test the claim at the 0.05 level.

Question 1
The average cost per night of a hotel room in New York City is
$273 (SmartMoney, March 2009). Assume this estimate is based on a
sample of 45 hotels and that the sample standard deviation is
$65.
a. With 95% confidence, what is the margin of error?
b. What is the 95% confidence interval estimate of the population
mean?
c. Two years ago the average cost of a hotel room in New York
City was $229. Discuss the...

The average cost per night of a hotel room in New York City is
$275 (SmartMoney, March 2009). Assume this estimate is based on a
sample of 45 hotels and that the sample standard deviation is
$70
a. With 95% confidence, what is the margin of error?
b. What is the 95% confidence interval estimate of the
population mean?
c.Two years ago the average cost of a hotel room in New York
City was $229. Discuss the change in cost...

**** PLEASE SHOW HOW TO SOLVE IN EXCEL NOT HANDWRITTEN***
The average cost per night of a hotel room in New York City is
$325. Assume this estimate is based on a sample of 100 hotels and
that the sample standard deviation is $75.
What is the 95% confidence interval estimate of the population
mean?
What is the 99% confidence interval estimate of the population
mean?

The mean cost of a basic rental car per week is said to be
greater than $125 per week. To determine if this is true, a random
sample of 25 rental cars is taken and resulted in an average of
$130.50 and an sample standard deviation of $15.40.
Test the appropriate hypotheses at = 0.05 (1 point each).
H0: _________________
H1: _________________
Test statistic : _________________
p-value : _________________
Is the mean cost greater than $125/week ? (circle one)...

A researcher wished to compare the average daily hotel room
rates between San Francisco and Los Angeles. The researcher
obtained an SRS of 15 hotels in downtown San Francisco and found
the sample mean x1=$156 , with a standard deviation s1= $15 . The
researcher also obtained an independent SRS of 10 hotels in
downtown Los Angeles and found the sample mean x2= $143, with a
standard deviation s2=$10.
Let 1 and 2 represent the mean cost of the populations...

You are testing a new package handling system. The Historical
average is 35 minutes with a population standard deviation of 8
minutes. A test of the new process on 10 random runs has a mean of
33 minutes. Let’s say 33 was in fact the true mean of the
alternative hypothesis – in other words an infinite number of
sample means at the new process would have resulted in a mean of
33? What is the beta error and power...

Do all the following problems.
I. Choose the best answer for each
multiple choice. Please use CAPITAL letters to indicate your answer
and write neatly. (30 points)
1. ____ 4.____ 7. ____ 10.____ 13.
____
2. ____ 5.____ 8. ____ 11.____ 14.
____
3. ____ 6.____ 9. ____ 12.____ 15.
____
Whenever the population standard deviation is unknown and the
population has a normal or near-normal distribution, which
distribution is used in developing an interval estimation?
A. standard distribution
B....

Using the model proposed by Lafley and Charan, analyze how
Apigee was able to drive innovation.
case:
W17400
APIGEE: PEOPLE MANAGEMENT PRACTICES AND THE CHALLENGE OF
GROWTH
Ranjeet Nambudiri, S. Ramnarayan, and Catherine Xavier wrote
this case solely to provide material for class discussion. The
authors do not intend to illustrate either effective or ineffective
handling of a managerial situation. The authors may have disguised
certain names and other identifying information to protect
confidentiality.
This publication may not be...

What role could the governance of ethics have played
if it had been in existence in the organization? Assess the
leadership of Enron from an ethical perspective.
THE FALL OF ENRON: A STAKEHOLDER FAILURE
Once upon a time, there was a gleaming headquarters
office tower in Houston, with a giant tilted "£"' in front, slowly
revolving in the Texas sun. The Enron Corporation, which once
ranked among the top Fortune 500 companies, collapsed in 2001 under
a mountain of debt...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 13 minutes ago

asked 20 minutes ago

asked 36 minutes ago

asked 36 minutes ago

asked 38 minutes ago

asked 43 minutes ago

asked 46 minutes ago

asked 57 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago