TABLE 8-8 a Hotel Chain Wants to Estimate the Average Number of Number

question 52

Short Answer

TABLE 8-8
A hotel chain wants to estimate the average number of rooms rented daily in each month. The population of rooms rented daily is assumed to be normally distributed for each month with a standard deviation of 24 rooms.
-Referring to Table 8-8, during January, a sample of 16 days has a sample mean of 48 rooms. This information is used to calculate an interval estimate for the population mean to be from 40 to 56 rooms. What is the level of confidence of this interval?

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Definitions:

Autarky Price

The price of a good or service in a closed economy that does not engage in trade with other economies.

Slope

A measure of how steep a line or curve is. The slope of a line is measured by “rise over run”—the change in the y-variable between two points on the line divided by the change in the x-variable between those same two points.

Absolute Value

The value of a number without regard to a plus or minus sign.

Horizontal Change

Alterations or movements that occur parallel to the x-axis in a coordinate system, often reflecting changes over time.