Consumer Reports in its June 1998 issue reports on the typical daily room rate at si...

Consumer Reports in its June 1998 issue reports on the typical daily room rate at six luxury and nine budget hotels. The room rates are given in the following table.

a. Compute the mean and standard deviation of the room rates for both luxury and budget hotels.

b. Verify that luxury hotels have a more variable room rate than budget hotels.

c. Give a practical reason why the luxury hotels are more variable than the budget hotels.

d. Might another measure of variability be better to compare luxury and budget hotel rates? Explain.