Hotel prices worldwide are projected to increase by 3% next year (Lodging Magazine website, June 15, 2016), but is there a difference between Europe and the U.S.? Suppose we have projected changes in hotel costs for 47 randomly selected major European cities and 53 randomly selected major U.S. cities. These data are provided in the DATAfile IntHotels.
a. On the basis of the sample results, can we conclude that the mean change in hotels rates in Europe and the U.S. are different? Develop appropriate null and alternative hypotheses.
b. Use a = .01. What is your conclusion?