In Order to Determine the Average Price of Hotel Rooms

question 55

Short Answer

In order to determine the average price of hotel rooms in Atlanta, a sample of 64 hotels was selected. It was determined that the average price of the rooms in the sample was $108.50 with a standard deviation of $16.
a. Formulate the hypotheses to determine whether or not the average room price is significantly different from $112.
b. Compute the test statistic.
c. At 95% confidence using the p-value approach, test the hypotheses. Let α = 0.1.

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Definitions:

Glycolysis

A sequence of enzymatic reactions in the cytoplasm that breaks down glucose into pyruvate, producing ATP and NADH as energy sources for the cell.

Pyruvate

A critical energy currency of cells, produced from glucose through glycolysis, serving as a key intermediate in several metabolic pathways.

Basal Metabolism

The minimum rate of energy expenditure per unit time by endothermic animals at rest, ensuring basic physiological functions.

Thermoregulation

The process by which organisms regulate their internal body temperature to maintain homeostasis.