According to a recent survey, the average daily rate for a luxury hotel is $232.84. Assume...
According to a recent survey, the average daily rate for a luxury hotel is $232.84. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.92. Complete parts a through d below.
a. What is the probability that a randomly selected luxury hotel's daily rate will be less than $ 245?
(Round to four decimal places as needed.)
b. What is the probability that a randomly selected luxury hotel's daily rate will be more than $ 258?
(Round to four decimal places as needed.)
c. What is the probability that a randomly selected luxury hotel's daily rate will be between $243 and $263?
(Round to four decimal places as needed.)
d. The managers of a local luxury hotel would like to set the hotel's average daily rate at the 80th
percentile, which is the rate below which 80% of hotels' rates are set. What rate should they choose for their hotel?
The managers should choose a daily rate of ________.
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According to a recent survey, the average daily rate for a
luxury hotel is $232.84. Assume...
The answers are in red. Please do explain all parts According to a recent survey, the average daily rate for a luxury ho...
The answers are in red. Please
do explain all parts
According to a recent survey, the average daily rate for a luxury hotel is $234.19. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.42 Complete parts a through d below a. What is the probability that a randomly selected luxury hotel's daily rate will be less than $248? 0.7310 (Round to four decimal places as needed.) b. What is the probability that a randomly...
Score: 0.75 of 1 pt 9 of 14 Test Score: 78.12%, 10.94. &6.2.8-T According to a...
Score: 0.75 of 1 pt 9 of 14 Test Score: 78.12%, 10.94. &6.2.8-T According to a recent survey, the average daily rate for a luxury hotel is $236.49. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.37. Complete parts a through d below. a. What is the probability that a randomly selected luxury hoteľ's daily rate will be less than $251 0.7417 (Round to four decimal places as needed.) b. What is the probability...
According to a research institution, the average hotel price in a certain year was $105.12. Assume...
According to a research institution, the average hotel price in a certain year was $105.12. Assume the population standard deviation is $20.00 and that a random sample of 32 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $106? P(x<$106) (Round to four decimal places as needed.) c. What is the probability...
According to a research institution, the average hotel price in a certain year was $97.27. Assume...
According to a research institution, the average hotel price in a certain year was $97.27. Assume the population standard deviation is $23.00 and that a random sample of 43 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. out - = $ 3.51 (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $99? P[<<$99) = (Round to four decimal places as...
According to a research institution, the average hotel price in a certain year was $100 21...
According to a research institution, the average hotel price in a certain year was $100 21 Assume the population standard deviation is $17 00 and that a random sample of 4 hotels was selected Complete parts a through d befow a, calculate the standard error of the mean Round to two decimal places as needed ) b. What is the probability that the sample mean will be less than $1027 X < $102) : (Round to four decimal places as...
Empire Plaza Hotel is a luxury hotel with 432 rooms. Its regular room rate is $460...
Empire Plaza Hotel is a luxury hotel with 432 rooms. Its regular room rate is $460 per night per room. The hotel's cost is $245 per night per room and consists of the following. Variable direct labor and materials cost Fixed cost Total cost per night per room $ 104 141 $ 245 The hotel manager receives an offer to hold the Junior States of America (JSA) convention at the hotel in February, which is the hotel's low season with...
Empire Plaza Hotel is a luxury hotel with 432 rooms. Its regular room rate is $460...
Empire Plaza Hotel is a luxury hotel with 432 rooms. Its regular room rate is $460 per night per room. The hotel's cost is $245 per night per room and consists of the following. Variable direct labor and materials cost Fixed cost Total cost per night per room $ 104 141 245 The hotel manager receives an offer to hold the Junior States of America (JSA) convention at the hotel in February, which is the hotel's low season with an...
According to a research institution, the average hotel price in a certain year was $91.76. Assume...
According to a research institution, the average hotel price in a certain year was $91.76. Assume the population standard deviation is $15.00 and that a random sample of 44 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. σx= (Round to two decimal places as needed.)
The answers are in red. Please explain all parts According to a research institution, the average...
The answers are in red. Please
explain all parts
According to a research institution, the average hotel price in a certain year was $101.47. Assume the population standard deviation is $18.00 and that a random sample of 36 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. 6- = $3 (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $103? P(<$103)...
А B P c D E F G H K M N The average daily rate...
А B P c D E F G H K M N The average daily rate of a hotel in Canada as of August 2018 was $182.75. Assume the average daily rate follows a normal distribution with a standard deviation of $24.80 a. What is the probability that the average daily rate of a Canadian hotel will be: (i) less than $175 P(X < 175)= (ii) more than $200 POX > 200)= (iii) Between $150 and $195 P(150 < X...
The answers are in red. Please
do explain all parts
According to a recent survey, the average daily rate for a luxury hotel is $234.19. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.42 Complete parts a through d below a. What is the probability that a randomly selected luxury hotel's daily rate will be less than $248? 0.7310 (Round to four decimal places as needed.) b. What is the probability that a randomly...
Score: 0.75 of 1 pt 9 of 14 Test Score: 78.12%, 10.94. &6.2.8-T According to a recent survey, the average daily rate for a luxury hotel is $236.49. Assume the daily rate follows a normal probability distribution with a standard deviation of $22.37. Complete parts a through d below. a. What is the probability that a randomly selected luxury hoteľ's daily rate will be less than $251 0.7417 (Round to four decimal places as needed.) b. What is the probability...
According to a research institution, the average hotel price in a certain year was $105.12. Assume the population standard deviation is $20.00 and that a random sample of 32 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $106? P(x<$106) (Round to four decimal places as needed.) c. What is the probability...
According to a research institution, the average hotel price in a certain year was $97.27. Assume the population standard deviation is $23.00 and that a random sample of 43 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. out - = $ 3.51 (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $99? P[<<$99) = (Round to four decimal places as...
According to a research institution, the average hotel price in a certain year was $100 21 Assume the population standard deviation is $17 00 and that a random sample of 4 hotels was selected Complete parts a through d befow a, calculate the standard error of the mean Round to two decimal places as needed ) b. What is the probability that the sample mean will be less than $1027 X < $102) : (Round to four decimal places as...
Empire Plaza Hotel is a luxury hotel with 432 rooms. Its regular room rate is $460 per night per room. The hotel's cost is $245 per night per room and consists of the following. Variable direct labor and materials cost Fixed cost Total cost per night per room $ 104 141 $ 245 The hotel manager receives an offer to hold the Junior States of America (JSA) convention at the hotel in February, which is the hotel's low season with...
Empire Plaza Hotel is a luxury hotel with 432 rooms. Its regular room rate is $460 per night per room. The hotel's cost is $245 per night per room and consists of the following. Variable direct labor and materials cost Fixed cost Total cost per night per room $ 104 141 245 The hotel manager receives an offer to hold the Junior States of America (JSA) convention at the hotel in February, which is the hotel's low season with an...
The answers are in red. Please
explain all parts
According to a research institution, the average hotel price in a certain year was $101.47. Assume the population standard deviation is $18.00 and that a random sample of 36 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. 6- = $3 (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $103? P(<$103)...
А B P c D E F G H K M N The average daily rate of a hotel in Canada as of August 2018 was $182.75. Assume the average daily rate follows a normal distribution with a standard deviation of $24.80 a. What is the probability that the average daily rate of a Canadian hotel will be: (i) less than $175 P(X < 175)= (ii) more than $200 POX > 200)= (iii) Between $150 and $195 P(150 < X...
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