A Random Sample of 17 Hotels in Boston Had an Average

question 10

Multiple Choice

A random sample of 17 hotels in Boston had an average nightly room rate of $165.40 with a sample standard deviation of $21.70. The 90% confidence interval around this sample mean is___ .

• A)($144.32, $186.32)
• B)($162.76, $168.04)
• C)($152.22, $178.58)
• D)($156.20, $174.60)

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Definitions:

Per Capita Income

A measure of the average income earned per person in a certain area, such as a country or city, calculated by dividing the area's total income by its population.

World Price

The international market price at which goods are traded between countries.

Marginal Revenue

The additional income earned from selling one more unit of a good or service.

Wool Production

The process of breeding, raising, and shearing sheep to obtain wool, a natural fiber used in textiles.