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Author Question: In order to determine the average price of hotel rooms in Atlanta, a sample of 64 hotels was ... (Read 100 times)

bvyeehaw

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on: Mar 25, 2023

In order to determine the average price of hotel rooms in Atlanta, a sample of 64 hotels was selected. It was determined that the average price of the rooms in the sample was $108.50 with a standard deviation of $16.

a.Formulate the hypotheses to determine whether or not the average room price is significantly different from $112.
b.Compute the test statistic.
c.At 95% confidence using the p-value approach, test the hypotheses. Let α = 0.1.

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by bvyeehaw on Mar 25, 2023

xinyifff

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Reply #1 on: Mar 25, 2023
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bvyeehaw

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Reply 2 on: Mar 25, 2023
Wow, this really help

frankwu0507

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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