Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Descriptive Statistics help with the explanation 13) (10 points)_Hotel Costs The table shows data based on a 2009 report by Travel + Leisure magazine for

Descriptive Statistics help with the explanation

image text in transcribed
13) (10 points)_Hotel Costs The table shows data based on a 2009 report by Travel + Leisure magazine for a sample of 12 luxury hotels in the US. It includes the number of rooms in a hotel, and the cost per night of a double room (in British pounds). A travel agent is interested to determine if there is a relationship between the number of rooms and the cost. These data are on the sheet Hotel Costs in the data workbook. a) What is the sample covariance for the variables Rooms Cost(GBP) Rooms and Cost ? Boulders Resort & Spa 220 499 Disney's Wilderness Lodge 727 340 Four Seasons Hotel Beverly Hills 285 585 Four Seasons Hotel, Boston 273 495 Hay-Adams 145 495 b) What is the correlation coefficient for the Inn on Biltmore Estate 213 279 variables Rooms and Cost? Loews Ventana Canyon Resort 398 279 Mauna Lani Bay Hotel 343 455 Montage Laguna Beach 250 595 Sofietel Water Tower 414 367 St. Regis Monarch Beach 400 675 The Broadmoor 700 420 c) What does the covariance tell you about the relationship between Rooms and Cost ($12 Explain what this means in context, and not just mathematically. d) What additional information does the correlation coefficient provide about the relationship between Rooms and Cost ($)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finite Mathematics

Authors: Stefan Waner, Steven Costenoble

6th Edition

1285415604, 9781285415604

More Books

Students also viewed these Mathematics questions

Question

explain the need for human resource strategies in organisations

Answered: 1 week ago

Question

describe the stages involved in human resource planning

Answered: 1 week ago