Consumer Reports in its June 1998 issue reports on the typical daily room rate at six luxury
Question:
a. Compute the mean and standard deviation of the room rates for both luxury and budget hotels.
b. Verify that luxury hotels have a more variable room rate than budget hotels.
c. Give a practical reason why the luxury hotels are more variable than the budget hotels.
d. Might another measure of variability be better to compare luxury and budget hotel rates? Explain.
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Related Book For
An Introduction To Statistical Methods And Data Analysis
ISBN: 9781305465527
7th Edition
Authors: R. Lyman Ott, Micheal T. Longnecker
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