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Based on this distribution, what is the coefficient of variation for the room rates at this hotel location?

Based on this distribution, what is the coefficient of variation for the room rates at this hotel location?

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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The revenue manager of a hotel chain wants to analyze the distribution of room rates for a particular hotel location. Based on historical data, she estimates the following probability distribution for the daily room rates: Probability 30% 40% 20% 5% 5% Room Rate $100 $150 $200 $250 $300 Based on this distribution, what is the coefficient of variation for the room rates at this hotel location?
Transcribed Image Text:The revenue manager of a hotel chain wants to analyze the distribution of room rates for a particular hotel location. Based on historical data, she estimates the following probability distribution for the daily room rates: Probability 30% 40% 20% 5% 5% Room Rate $100 $150 $200 $250 $300 Based on this distribution, what is the coefficient of variation for the room rates at this hotel location?
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