Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros. a. What is the probability that a randomly selected three-star hotel has a room rate of 4. between 145 and 177 euros? b. A particular hotel would like to set its rate so that only 30% of hotels in the city will have lower rates. What room rate should the hotel set?
Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros. a. What is the probability that a randomly selected three-star hotel has a room rate of 4. between 145 and 177 euros? b. A particular hotel would like to set its rate so that only 30% of hotels in the city will have lower rates. What room rate should the hotel set?
Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros. a. What is the probability that a randomly selected three-star hotel has a room rate of 4. between 145 and 177 euros? b. A particular hotel would like to set its rate so that only 30% of hotels in the city will have lower rates. What room rate should the hotel set?
Assume the room rate for a three-star hotel in a European city follows a normal distribution with a mean of 170 euros and a standard deviation of 16 euros.
a. What is the probability that a randomly selected three-star hotel has a room rate of
4. between 145 and 177 euros?
b. A particular hotel would like to set its rate so that only 30% of hotels in the city will have lower rates. What room rate should the hotel set?
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.
