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a.
Find the
a.
Answer to Problem 39SE
The mean monthly revenue for the minibar service at this hotel is $10,120.
Explanation of Solution
Calculation:
It is given that the monthly revenues from the minibar service are
Assume that x denotes the monthly revenue for the minibar service at the hotel.
The mean monthly revenue for the minibar service at this hotel is obtained as follows:
Thus, the mean monthly revenue for the minibar service at this hotel is $10,120.
b.
Obtain the
b.
Answer to Problem 39SE
The probability that the minibar service provides over $12,000 in monthly revenues for this hotel is 0.1977.
Explanation of Solution
Calculation:
The probability that the minibar service provides over $12,000 in monthly revenues for this hotel can be written as
Now,
Probability value:
Software procedure:
Step-by-step procedure to obtain probability value using the EXCEL:
- Open an EXCEL sheet and select the cell A1.
- Enter the formula =1-NORM.DIST(12,000,10,120,2200,TRUE) in the cell A1.
- Press Enter.
Output obtained using the EXCEL software is given below:
Hence,
Thus, the probability that the minibar service provides over $12,000 in monthly revenues for this hotel is 0.1964.
c.
Find the probability that the minibar service provides less than $7,500 in monthly revenues for this hotel.
c.
Answer to Problem 39SE
The probability that the minibar service provides less than $7,500 in monthly revenues for this hotel is 0.1168.
Explanation of Solution
Calculation:
The probability that the minibar service provides less than $7,500 in monthly revenues for this hotel can be written as
Probability value:
Software procedure:
Step-by-step procedure to obtain the probability value using the EXCEL:
- Open an EXCEL sheet and select the cell A1.
- Enter the formula =NORM.DIST(7,500,10,120,22,00,TRUE) in the cell A1.
- Press Enter.
Output obtained using the EXCEL software is given below:
Hence,
Thus, the probability that the minibar service provides less than $7,500 in monthly revenues for this hotel is 0.1168.
d.
Find the increase in the annual revenues for the upgraded minibar service.
Check whether one would agree with the strategy of upgrading the hotel’s minibar selections.
d.
Answer to Problem 39SE
The increase in the annual revenues for the upgraded minibar service is $17,160.
Explanation of Solution
Calculation:
It is given that the new minibar offerings are expected to raise the mean annual revenue to $420 per room. The monthly revenues from the minibar service are normally distributed with a standard deviation of $2,500.
Then, the mean monthly revenue for the minibar service at this hotel is obtained as follows:
Thus, the mean monthly revenue for the minibar service at this hotel is $11,550.
The probability that the minibar service provides over $12,000 in monthly revenues for this hotel can be written as
Probability value:
Software procedure:
Step-by-step procedure to obtain the probability value using the EXCEL:
- Open an EXCEL sheet and select the cell A1.
- Enter the formula =1-NORM.DIST(12,000,11,550,2500,TRUE) in the cell A1.
- Press Enter.
Output obtained using the EXCEL software is given below:
Hence,
Thus, the probability that the minibar service provides over $12,000 in monthly revenues for this hotel is 0.4286.
The probability that the minibar service provides less than $7,500 in monthly revenues for this hotel can be written as
Probability value:
Software procedure:
Step-by-step procedure to obtain the probability value using the EXCEL:
- Open an EXCEL sheet and select the cell A1.
- Enter the formula =NORM.DIST(7,500,10,120,25,00,TRUE) in the cell A1.
- Press Enter.
Output obtained using the EXCEL software is given below:
Hence,
Thus, the probability that the minibar service provides less than $7,500 in monthly revenues for this hotel is 0.0526.
An increase in annual revenue is obtained as follows:
Thus, the higher probability of monthly revenues over $12,000 makes the upgraded minibar service worthwhile.
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Chapter 6 Solutions
Modern Business Statistics with Microsoft Excel (MindTap Course List)
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