Estimate of the population mean time, Basic Statistics

Assignment Help:

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?

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.

 


Related Discussions:- Estimate of the population mean time

Four characteristics and functions of statistics, highlight four characteri...

highlight four characteristics and four functions of statistics

Need help, PART 1 Shown below are the sales revenue and advertising cost da...

PART 1 Shown below are the sales revenue and advertising cost data for seven companies published by International Advertising Age. COMPANY ADVERTISING ($ MILLIONS) SALES ($ BILLION

Probability, if you tossed coin 6 times what is probability of getting more...

if you tossed coin 6 times what is probability of getting more than 3 head?

What is the coefficient of determination, The data in the table below are t...

The data in the table below are the results of a random sample of recent home sales in your neighborhood that your boss has asked you to use to estimate the relationship between th

Amortized cost , Amortized cost The par value of its decision enhanced or ...

Amortized cost The par value of its decision enhanced or lowered by any unamortized top quality or lower price.

Journal entries on perpetual inventory system, I have to set up a chart for...

I have to set up a chart for a perpetual system. How Do I do this with credit card sales?

Find a strategy which replicates the payoff, Rocco works for an internation...

Rocco works for an international arms dealer who has just publicly listed. What with the world being how it is these days, there's money to be made on more than just selling the to

Sequential sampling, Sequential Sampling: This is somewhat complex sample d...

Sequential Sampling: This is somewhat complex sample design where the ultimate size of the sample is not fixed in advance but is determined according to mathematical decisions on t

Define Manufacturing Overhead Costs, In the financial statements, each prod...

In the financial statements, each product must include the costs of the given below: Direct labor Direct material Manufacturing or factory overhead The costs that would typically b

What is Art collection , What is Art collection A personal perform of art...

What is Art collection A personal perform of art or number of products of unique graphics such as artwork, statues, craftwork or other elements generally determined as a perform

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd