Answered: Suppose we want to estimate 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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Question

Suppose we want to estimate the difference between the room rates of luxury hotels in New York versus Los Angeles assuming that the rates are normally distributed. We collect data from 20 random luxury hotels in New York and 30 random luxury hotels in L.A. The standard deviation of the data from New York is $40 and the standard deviation of the data from L.A. is $50. What is the margin of error on the 95% confidence interval assuming equal variances? The standard error is

Moreover, T.INV.2T(0.05, 48) = 2.010635.Round your answer to three decimal places.

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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