Answered: A travel agent is interested in the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A travel agent is interested in the average price of a hotel room during the summer in a resort community. The agent randomly selects 1717 hotels from the community and determines the price of a regular room with a king size bed. The average price of the room for the sample was $140$⁢140 with a standard deviation of $45$⁢45. Assume the prices are normally distributed. Construct an interval to estimate the true average price of a regular room with a king size bed in the resort community with 99%99% confidence. Round the endpoints to two decimal places, if necessary.

Lower Endpoint=

Upper Endpoint=

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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