A Random Sample of 13 Hotels in Boston Had an Average

question 57

Multiple Choice

A random sample of 13 hotels in Boston had an average nightly room rate of $172.10 with a sample standard deviation of $23.90. The 99% confidence interval around this sample mean is -------- .

• A)($165.48, $178.72)
• B)($155.55, $188.65)
• C)($158.86, $185.34)
• D)($151.88, $192.32)

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Definitions:

Intermediary

An entity or individual that acts as a middleman between two parties in a transaction, usually within the supply chain for goods and services.

Marketing Channel

Pathways or routes through which goods and services flow from the producer to the consumer.

Producer

A Producer is an individual or organization that creates goods or services, often selling them to consumers or intermediary buyers.

Marketing Channel

A system of intermediaries a product or service passes through before reaching the end consumer.