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According to statista.com, the average room rate for a New York City hotel in 2016 was $337. Suppose the Chamber of Commerce of New York
According to statista.com, the average room rate for a New York City hotel in 2016 was $337. Suppose the Chamber of Commerce of New York City would like to test if this rate has changed recently by randomly sampling 40 room rates. The mean of this sample was found to be $351.20. Assume the population standard deviation is $55. Using a = 0.05, answer the following. a. State the null and alternative hypothesis. b. What conclusions can be drawn for this test? c. Determine the p-value for this test and interpret its meaning.
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