Question

In: Economics

New York City is the most expensive city in the United States for lodging.

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55.

  1. what is the probability that a hotel room costs $225 or more per night?

  2. what is the probability that a hotel room costs less than $140 per night?

  3. What is the probability that a hotel room costs between $200 and $300 per night?

  4. What is the cost of the 20% most expensive hotel rooms in New York City?

Solutions

Expert Solution

SOLUTION:-

mean=204 6=55

a) Pr ( X > 225 ) =

Pr ( X> 225 ) = Pr ( Z > 0.4) = 0.34458

b) Pr ( x < 140) =

Pr ( z < = 1.163636) = 0.87698

c)

= 0.95407-0.52790

= 0.43117

d) Pr ( Z > ) =0.2

= 0.84

Then =   = 0.84

X = 0.84 (55) + 204

X 0205.2


Rahul Sunny answered 2 years ago
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