Question

According to a recent survey, the average daily rate for a luxury hotel is $238.45. Assume the daily rate follows a normal probability distribution with a standard deviation of $21.02. Complete parts a through d below.

a. What is the probability that a randomly selected luxury hotel's daily rate will be less than $ 257 ? (Round to four decimal places as needed.)

b. What is the probability that a randomly selected luxury hotel's daily rate will be more than $ 265 ?(Round to four decimal places as needed.)

c. What is the probability that a randomly selected luxury hotel's daily rate will be between $ 240 and $ 260 ?(Round to four decimal places as needed.)

d. The managers of a local luxury hotel would like to set the hotel's average daily rate at the 90 th percentile, which is the rate below which 90% of hotels' rates are set. What rate should they choose for their hotel? The managers should choose a daily rate of $ ____. (Round to the nearest cent as needed.)

Answer #1

According to a recent? survey, the average daily rate for a
luxury hotel is ?$235.44. Assume the daily rate follows a normal
probability distribution with a standard deviation of ?$22.11.
Complete parts a through d below.
a. What is the probability that a randomly selected luxury?
hotel's daily rate will be less than $ 255? ?(Round to four decimal
places as? needed.)
b. What is the probability that a randomly selected luxury?
hotel's daily rate will be more than $...

According to a recent? survey, the average daily rate for a
luxury hotel is ?$234.02. Assume the daily rate follows a normal
probability distribution with a standard deviation of ?$22.34.
Complete parts a through d below.
a. What is the probability that a randomly
selected luxury? hotel's daily rate will be less than $249?
b. What is the probability that a randomly
selected luxury? hotel's daily rate will be more than $265?
c. What is the probability that a randomly...

According to a recent survey by Smith Travel Research, the
average daily rate for a luxury hotel in the United States is
$237.22. Assume the daily rate follows a normal probability
distribution with a standard deviation of $21.45.
What is the probability that a randomly selected luxury hotel’s
daily rate will be
Less than $250 per night?
More than $260?
Between $210 and $240?
The managers of a local luxury hotel would like to set the
hotel’s average daily rate...

2. According to a marketing website, adults in a certain
country average 62 minutes per day on mobile devices this year.
Assume that minutes per day on mobile devices follow the normal
distribution and has a standard deviation of 8 minutes. Complete
parts a through d below.
a. What is the probability that the amount of time spent today
on mobile devices by an adult is less than 65 minutes?
(Round to four decimal places as needed.)
b. What is...

According to a research institution, the average hotel price in
a certain year was $97.39. Assume the population standard
deviation is $18.00 and that a random sample of 34 hotels was
selected. Complete parts a through d below.
a. Calculate the standard error of the mean. (Round to two
decimal places as needed.)
b. What is the probability that the sample mean will be less
than $98? (Round to four decimal places as needed.)
c. What is the probability that...

According to a research institution, the average hotel price in
a certain year was $99.07. Assume the population standard
deviation is $20.00 and that a random sample of 31 hotels was
selected. Complete parts part b below.
a. Calculate the standard error of the mean.=$3.59
(Round to two decimal places as needed.)
b. What is the probability that the sample mean will be less
than $101?_______(Round to four decimal places as needed.)

According to a research institution, the average hotel price in
a certain year was $98.23. Assume the population standard
deviation is $24.00 and that a random sample of 30 hotels was
selected. Complete parts a through d below.
a. Calculate the standard error of the mean.
sσx equals = (Round to two decimal places as needed.)
b. What is the probability that the sample mean will be less
than $101?
P(x with - on top<$101) = (Round to four decimal...

The average daily rate of a hotel in Canada as of August 2018
was $197.85. Assume the average daily rate follows a normal
distribution with a standard deviation of $23.70.
Standard Normal Distribution Table
a. What is the probability that the average
daily rate of a Canadian hotel will be:
(i) less than $165
P(X < 165)=P(X < 165)=
(ii) more than $205
P(X > 205)=P(X > 205)=
(iii) Between $155 and $190
P(155 < X < 190)=P(155 < X...

What is a 250-room hotel’s actual market share
if it has an average daily rate of $97.50 and a REVPAR of $72.25?
It operates in the market place with a competitive set of four
hotels providing a total of 1,325 rooms daily (excluding the
subject hotel). The competitive set achieved an overall occupancy
rate of 82.3%.

A hotel claims that 85 % of its customers are very satisfied
with its service. Complete parts a through d below based on a
random sample of five customers.
a. What is the probability that exactly four customers are very
satisfied? _______ (Round to four decimal places as needed.)
b. What is the probability that more than four customers are
very satisfied? ______ (Round to four decimal places as
needed.)
c. What is the probability that less than three customers...

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