A magazine provides an annual list of the 500 best hotels in the world. The magazine provides a rating for each hotel along with a brief description that includes the size of the hotel, amenities, and the cost per night (in dollars) for a double room. A sample of 12 of the top-rated hotels in the United States follows. Hotel Location Rooms Cost/Night Hotel A Phoenix, AZ 226 499 Hotel B Orlando, FL 721 340 Hotel C Los Angeles, CA 279 585 Hotel D Boston, MA 276 495 Hotel E Washington, DC 142 495 Hotel F Asheville, NC 213 279 Hotel G Phoenix, AZ 395 279 Hotel H Island of Hawaii 343 455 Hotel I Laguna Beach, CA 244 595 Hotel J Chicago, IL 420 367 Hotel K Dana Point, CA 394 675 Hotel L Colorado Springs, CO 703 420 (a) What is the mean number of rooms? rooms (b) What is the mean cost per night (in dollars) for a double room? $(c) Develop a scatter diagram with the number of rooms on the horizontal axis and the cost per night on the vertical axis. 800 800 800 800 700 700 700 700 600 600 600 600 500 500 500 500 Cost/Night($) 400 Cost/Night($) 400 400 Cost/Night($) 400 300 300 Cost/Ni 300 200 .. . . 300 200 200 200 10 100 100 100 0 0 200 0 400 600 800 200 400 600 800 0 200 400 600 800 0 200 400 600 800 O Number of Rooms Number of Rooms Number of Rooms Number of Rooms Does there appear to be a relationship between the number of rooms and the cost per night? Discuss. There appears to be ---Select--- relationship between the two variables. When the number of rooms becomes larger, there is |---Select--- v indication that the cost per night changes. (d) What is the sample correlation coefficient? (Round your answer to three decimal places.) What does it tell you about the relationship between the number of rooms and the cost per night for a double room? The sample correlation coefficient indicates that there is |---Select--- |linear relationship between the number of rooms and the cost per night for a double room. This means that higher room rates tend to be associated with ---Select--- | hotels. Does this appear reasonable? Discuss. O Yes, economies of scale allow smaller hotels to charge less per night and still achieve a nice profit. Yes, economies of scale allow larger hotels to charge less per night and still achieve a nice profit. No, economies of scale allow larger hotels to charge less per night and still achieve a nice profit. No, economies of scale allow smaller hotels to charge less per night and still achieve a nice profit