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The average cost per night of a hotel room in New York City is $273 (SmartMoney, 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 (to 2 decimals)?
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.
Test the manager's claim at 5% and 1% significance level tests.
Find out the value of test statistic utilizing one sample proportion testing. Use the subsequent information for the below questions.
Graph the least-squares line on your scatter diagram. Be sure to use the point (x, y) as one of the points on the line.
The director of admissions at a large university advises parents of incoming students about the cost of textbooks during a typical semester.
Determine the probability that tire wears out before 70,000 miles?
To sketch the 3-sigma X-bar chart and R-chart parameters. A candy bar manufacturer desires to set up a variables control chart for the net weight of its candy bars.
Compare 2 moving averages using MSE and compute Exponential smoothing. The subsiquent data which represents demand for company ABC's products for the last 10 months.
Utilizing the chart parameters developed above to define the control charts for future candy bar production, Compute the appropriate plotting points from the data.
The weight of a product is normally distributed with a standard deviation of .5 ounces. What should the average weight be if the production manager wants no more than 5 percent of the products to weight more than 5.10 ounces.
where the deviations εi are assumed to be independent and Normally distributed with mean 0 and standard deviation σ. This model was fit to the data using the method of least squares. The following results were obtained from statistical software.
Enter data into SPSS (use two columns: one for coding {0, 1, 2, 3, 4, 5} and one for DV)
We are interested in testing to find out whether the variance of the population is vitally more than 0.003
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