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In order to determine the average price of hotel rooms in Atlanta, a sample of 64...
- In order to determine the average price of hotel rooms in Atlanta, a sample of 64 hotels was selected. It was determined that the average price of the rooms in the sample was $108.50. Let the population standard deviation of room price be $16.
a. Formulate the hypotheses to determine whether or not the average room price is significantly different from $110.
b. Compute the test statistic.
c. At 99% confidence using the p-value approach, test the hypotheses.
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