a) In order to determine the average price of hotel rooms in Atlanta. Using a 0.1 level of significance, we would like to test whether or not the average room price is significantly different from $110. The population standard deviation is known to be $16. A sample of 64 hotels was selected. The p-value associated with the test statistic (z) is calculated and it is 0.03. We conclude that the average price of hotel rooms in Atlanta is NOT significantly different from $110. (Enter 1 if the conclusion is correct. Enter 0 if the conclusion is wrong.)
b) A sample of 27 account balances of a credit company showed an average balance of $1,169 and a standard deviation of $139. You want to determine if the mean of all account balances is significantly greater than $1,150. Use a 0.05 level of significance. Assume the population of account balances is normally distributed. Compute the test statistic.
c) A sample of 30 account balances of a credit company showed an average balance of $1,170 and a standard deviation of $125. You want to determine if the mean of all account balances is significantly greater than $1,150. Assume the population of account balances is normally distributed. Compute the p-value for this test.
d) A sample of 28 account balances of a credit company was taken to test whether the mean of all account balances is significantly greater than $1,150. Using the sample standard deviation, the test statistic (t) was calculated to be $1.89. We use a 0.05 level of significance. Assume the population of account balances is normally distributed and the population standard deviation is unknown to us. We conclude that the mean of all account balances is significantly greater than $1,150. (Enter 1 if the conclusion is correct. Enter 0 if the conclusion is wrong.)
In: Statistics and Probability
Regarding the hotel/hospitality industry
Who are the competitors? Is it easy to start a business in this industry? Are there significant entry barriers? What are the dominant characteristics and current trends in your industry?
Discuss industry size in terms of the number of companies, total employment, capital investment, major customers, and annual revenues. What are the driving forces of change in the industry, (e.g., innovation, technology, and buyer preferences and lifestyles)? State how organizations compete within the industry and identify the critical success factors in this industry.
In: Economics
The manager of alarge hotel on the Riviera in southern France wanted to forecast the monthly vacancy rate (as a percentage) during the peak season. After considering a long list of potential variables, she identified two variables that she believed were most closely related to the vacancy rate: the average daily temperature and the value of the currency in American dollars. She collected data for 23 months.
a. Perform a regression analysis using a first-order model with interaction.
b. Perform a regression analysis using a second-order model with interaction.
c. Which model fits better? Explain.
In: Statistics and Probability
Suppose the guests at the hotel have an average weight of 180 with a standard deviation of 50 pounds. An elevator is designed to carry only 10 people with a maximum capacity of 2400 pounds.
5. What is the mean of the sample mean?
6. What is the standard deviation for the sample mean of the 10 people? (Use 2 decimals)
7. If 10 guest ride the elevator at one time, what is the probability that the elevator is overweight? (Hint: If the 10 people weigh more than 2400 pounds, how much does each person have to weigh on average? (Use 4 decimals)
8. If 12 guests ride in the elevator at one time, now what is the probability that the elevator is overweight? (Hint: the standard deviation also changes here) (Use 4 decimals)
In: Statistics and Probability
According to a research institution, the average hotel price in a certain year was
$107.64
.
Assume the population standard deviation is
$20.00
and that a random sample of
46
hotels was selected. Complete parts a through d below.
a. Calculate the standard error of the mean.
sigma Subscript x overbar
equals$nothing
(Round to two decimal places as needed.)
b. What is the probability that the sample mean will be less than
$109
?
Upper P left parenthesis x overbar less than $ 109 right parenthesis
equalsnothing
(Round to four decimal places as needed.)
c. What is the probability that the sample mean will be more than
$113
?
Upper P left parenthesis x overbar greater than $ 113 right parenthesis
equalsnothing
(Round to four decimal places as needed.)
d. What is the probability that the sample mean will be between
$106
and
$108
?
Upper P left parenthesis $ 106 less than or equals x overbar less than or equals $ 108 right parenthesis
equalsnothing
(Round to four decimal places as needed.)
In: Statistics and Probability
According to a research institution, the average hotel price in a certain year was $95.82 . Assume the population standard deviation is $18.00 and that a random sample of 36 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. sigma Subscript x overbar equals$nothing (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $98 ? Upper P left parenthesis x overbar less than $ 98 right parenthesis equalsnothing (Round to four decimal places as needed.) c. What is the probability that the sample mean will be more than $100 ? Upper P left parenthesis x overbar greater than $ 100 right parenthesis equalsnothing (Round to four decimal places as needed.) d. What is the probability that the sample mean will be between $94 and $96 ? Upper P left parenthesis $ 94 less than or equals x overbar less than or equals $ 96 right parenthesis equalsnothing (Round to four decimal places as needed.
In: Statistics and Probability
The management of the Mojito Theme hotel estimated that they can generate $180,000 and $190,000 in room revenues in 2011 and 2012, respectively, by using some other forecasting methods. However, the total room revenues were actually $185,000 and $200,000 in 2011 and 2012, respectively. The management team wants to come up with a robust forecasting report and they want to see the forecasting results with exponential smoothing model. Therefore, based on the information given, if the management would like to sell 2,500 rooms in 2012, what is the forecasted average daily rate (ADR) in 2012 based on the exponential smoothing model?
In: Finance
The average daily rate of a hotel in Canada as of August 2018
was $172.75. Assume the average daily rate follows a normal
distribution with a standard deviation of $28.60.
Standard Normal Distribution Table ( note you need access to this
table in order to do this question)
a. What is the probability that the average
daily rate of a Canadian hotel will be:
(i) less than $175
P(X < 175)=P(X < 175)=
(ii) more than $205
P(X > 205)=P(X > 205)=
(iii) Between $145 and $185
P(145 < X < 185)=P(145 < X < 185)=
b. Determine the average daily rates that
separate the:
(i) top 7% of average daily rates from the rest of the
daily rates or from the bottom 93% of average daily
rates
x=x=
Round to 2 decimal places.
(ii) bottom 25% of average daily rates from the rest of the
daily rates
x=x=
Round to 2 decimal places.
(iii) middle 70% of average daily rates from the rest of
the daily rates
< x < < x <
Round to 2 decimal places.
h(i,x)=
{10if program i halts on input x,otherwise.{1if program i halts on input x,0otherwise.
In: Statistics and Probability
41. Nancy, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $35,000 of expenses associated with this investigation. Based on the regulatory environment for hotels in the city, she decides not to expand. During the year, she also investigates opening a restaurant that will be part of a national restaurant chain. Her expense for this are $53,000. The restaurant begins operations on September 1. Determine the amount that Nancy can deduct in the current year for investigating these two businesses.
34. Daniel is single and has the following income and expenses in 2017:
Salary income $60,000
Net rent income 6,000
Dividend income 3,500
Payment of alimony 12,000
Mortgage interest on residence 4,900
Property tax on residence 1,200
Contribution to traditional IRA 5,000
Contribution to United Church 2,100
Loss on the sale of real estates (held for investment) 2,000
Medical expenses 3,250
State income tax 300
Federal income tax 7,000
a. Calculate Daniel’s AGI.
b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
In: Accounting
The manager of the Hilton Resort Hotel stated that the mean guest bill for a weekend is $600 or less. A member of the hotel’s accounting staff noticed that the total charges for guest bills have been increasing in recent months. The accountant will use a sample of future weekend guest bills to test the manager’s claim. a. Which form of the hypotheses should be used to test the manager’s claim? b. What conclusion is appropriate when ?0 cannot be rejected? c. What conclusion is appropriate when ?0 can be rejected? d. What is the Type I and Type II errors in this situation?
In: Statistics and Probability