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

Least squares analysis, Least squares method of fitting a line ( the line o...

Least squares method of fitting a line ( the line of best fit or the regression line) through the scatter diagram is a method which minimizes the sum of squared vertical deviations

Student, Design an activity based cost system requires that: a) the job bid...

Design an activity based cost system requires that: a) the job bid process redesigned b) resource costs be linked to the activities performed c)the cost of activities be linked to

Cluster sampling and area sampling, Cluster Sampling and Area Sampling: Clu...

Cluster Sampling and Area Sampling: Cluster sampling involves grouping the population and then selecting the group or the cluster rather than individual elements for inclusion in t

Simple Random Selection, What is the properties of a simple random sample w...

What is the properties of a simple random sample when 50 females are numbered 1 through 50, and males are numbered 51 through 100?

Capital account stockholders proprietorship, Define of capital account refl...

Define of capital account reflecting the funds invested in an entity. Capital account is termed as the account reflecting the funds invested in the entity by the stockholders or pa

Normal Random Variable, I need help with the following: Find the ...

I need help with the following: Find the following probabilities for the normal random variable Z: 1) P(Z>1.76) 2) P(Z 3) P(0.59=Z=2.41)

Determine probability of coding state at the last nucleotide, For the zero ...

For the zero order hidden Markov model defined in homework 2 determine probability of coding state at the last nucleotide of the sequence AGTAG. Use parameters provided in the home

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