Laura Naples, Manager of Heritage Inn, Periodically Collects and Tabulates

question 37

Essay

Laura Naples, Manager of Heritage Inn, periodically collects and tabulates information about a sample of the hotel's overnight guests. This information aids her in planning and scheduling decisions she must make. The table below lists data on ten randomly selected hotel registrants, collected as the registrants checked out. The data listed for each registrant are: number of people in the group; birth date of person registering; shuttle service used, yes or no; total telephone charges incurred; and reason for stay, business or personal.

a. How many elements are there in the data set?
b. How many variables are there in the data set?
c. How many observations are there in the data set?
d. What are the observations for the second element listed?
e. What is the total number of measurements in the data set?f. Which variables are quantitative?g. Which variables are qualitative?h. What is the scale of measurement for each of the variables?i. Does the data set represent cross-sectional or times series data?j. Does the data set represent an experimental or an observational study?

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Definitions:

Total Benefit

The total gain received from consuming a good or service, often evaluated in terms of satisfaction or utility.

Profit-Maximizing Principle

The concept that firms operate to achieve the highest profit possible, which involves setting output where marginal costs equal marginal revenues.

Marginal Analysis

An examination of the benefits and costs of one additional unit of production or consumption.

Marginal Benefit

Refers to the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.