Essay
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 = 0.1.
Correct Answer:
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a.H0:
= 112
Ha: 112...View Answer
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Correct Answer:
Verified
= 112Ha:
112...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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