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.
what is the probability that a hotel room costs $225 or more per night?
what is the probability that a hotel room costs less than $140 per night?
What is the probability that a hotel room costs between $200 and $300 per night?
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 agoRelated Solutions
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 $205 per night (USA Today, April 30, 2012). Assume that room rates are normally distributed with a standard deviation of $55. Use Table 1 in Appendix B. a. What is the probability that a hotel room costs $225 or more per night (to 4 decimals)? b. What is the probability that a hotel room costs less than $143 per night...
New York City is the most expensive city in the United States for lodging. The mean...
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. a. What is the probability that a
hotel room costs $225 or more per night (to 4 decimals)? b. What is
the probability that a hotel room costs less than $140 per night
(to 4 decimals)? c. What is...
New York City is the most expensive city in the United States for lodging. The mean...
New York City is the most expensive city in the United States
for lodging. The mean hotel room rate is $204 per night. Assume
that room rates are normally distributed with a standard deviation
of $55.
a. What is the probability that a hotel room costs $225 or more
per night?
b. What is the probability that a hotel room costs less than
$140 per night?
c. What is the probability that a hotel room costs between $200
and $300...
New York City is the most expensive city in the United States for lodging. The mean...
New York City is the most expensive city in the United States
for lodging. The mean hotel room rate is $205 per night (USA
Today, April 30, 2012). Assume that room rates are normally
distributed with a standard deviation of $55. Use Table 1 in
Appendix B.
a. What is the probability that a hotel room
costs $227 or more per night (to 4 decimals)?
b. What is the probability that a hotel room
costs less than $143 per night...
New York City is the most expensive city in the United States for lodging. The mean...
New York City is the most expensive city in the United States
for lodging. The mean hotel room rate is $205 per night (USA
Today, April 30, 2012). Assume that room rates are normally
distributed with a standard deviation of $53. Use Table 1 in
Appendix B.
a. What is the probability that a hotel room
costs $224 or more per night (to 4 decimals)?
b. What is the probability that a hotel room
costs less than $139 per night...
New York City is the most expensive city in the United States for lodging. The mean...
New York City is the most expensive city in the United States
for lodging. The mean hotel room rate is $203 per night (USA
Today, April 30, 2012). Assume that room rates are normally
distributed with a standard deviation of $56. Use Table 1 in
Appendix B.
a. What is the probability that a hotel room
costs $227 or more per night (to 4 decimals)?
b. What is the probability that a hotel room
costs less than $139 per night...
New York City is the most expensive city in the United States for lodging. The mean...
New York City is the most expensive city in the United States
for lodging. The mean hotel room rate is $204 per night.† Assume
that room rates are normally distributed with a standard deviation
of $55.
(a)
What is the probability that a hotel room costs $245 or more per
night? (Round your answer to four decimal places.)
(b)
What is the probability that a hotel room costs less than $120
per night? (Round your answer to four decimal places.)...
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night. Assume that room rates are normally distributed with a standard deviation of $55.
(a)
What is the probability that a hotel room costs $265 or more per night? (Round your answer to four decimal places.)
(b)
What is the probability that a hotel room costs less than $120 per night? (Round your answer to four decimal...
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.†
New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.† Assume that room rates are normally distributed with a standard deviation of $55.
(a)
What is the probability that a hotel room costs $255 or more per night? (Round your answer to four decimal places.)
(b)
What is the probability that a hotel room costs less than $130 per night? (Round your answer to four decimal...
Check My Work (2 remaining) New York City is the most expensive city in the United...
Check My Work (2 remaining)
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. Use Table 1 in
Appendix B.
a. What is the probability that a hotel room
costs $225 or more per night (to 4 decimals)?
b. What is the probability that a hotel room
costs...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Overview of a Flight Nurse
- Personality Types Putting a team together is a difficult task. All team members cannot have the...
- Identify one critical infrastructure or key resource CI/KR with which you are most likely to interact...
- Locate the U.S. Business Judgment Rule Then locate the rule in any other country. Discuss the...
- what would be the optimal asset allocation? What is the expected return on the portfolio? Greta,...
- Inner City Health Center is a federally funded health clinic that serves the needs of the...
- Mini-Case Study: Coca-Cola Enterprises provides us with a good example of a company that has several...
ADVERTISEMENT