The average cost per night of a hotel room in New York City is $273 (Smart Money,

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The average cost per night of a hotel room in New York City is $273 (Smart Money, March 2009). Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $65.

a. With 95% confidence, what is the margin of error?

b. What is the 95% confidence interval estimate of the population mean?

c. Two years ago the average cost of a hotel room in New York City was $229. Discuss the change in cost over the two-year period.

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Essentials Of Statistics For Business And Economics

ISBN: 9781305081598

7th Edition

Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam

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Question Posted: Feb 16, 2015 02:04 AM

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The average cost per night of a hotel room in New York City is $273 (Smart Money,

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a df 44 t 025 2015 s 65 2015 1952 or approximately 20 b 273 2...View the full answer

Essentials Of Statistics For Business And Economics

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