14th Edition

ISBN: 9780134685168

Author: STEPHAN

Publisher: YUZU

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Textbook Question

Chapter 3, Problem 73PS

What was the mean price of a room at two-star, three-star, and four-star hotels in the major cities of the world during 2016? The file HotelPrices contains the prices in Canadian dollars (about US $ 0.75 as of December 2016).

For each of the three groups of hotels (two-, three-, and four-stars):

a. Compute the mean, Median, first quartile and third quartile

b. Compute the range. interquartile range, variance, standard deviation, and coefficient of variation.

c. Interpret the measures of central tendency and variation within the context of this problem.

d. Construct a boxplot. Are the data skewed? If so, how?

e. Compute the covariance between the mean price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.

f. Compute the coefficient of correlation between the mean price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.

g. Which do you think is more valuable in expressing the relationship between the mean price of a room at two-star, three-star, and four-star hotels-the covariance or the coefficient of correlation? Explain.

h. Based on (f), what conclusions can you reach about the relationship between the mean price of a room at two-star, three-star, and four-star hotels?

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Chapter 3, Problem 72PS

Chapter 3, Problem 74PS

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Chapter 3 Solutions

EBK BASIC BUSINESS STATISTICS

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