] The average cost per night of a hotel room in San Francisco is $550 with a standard deviation is $150 based on a sample of 50 hotel room rates. a) Clearly state what the random variable in this problem is? b) What is an appropriate distribution to be used for finding the confidence intervals for this problem and why? c) Construct a 99% confidence interval estimate on the mean of all hotel room rates. d) What is the 90% confidence interval estimate? e) What is the 95% confidence interval estimate?
In: Statistics and Probability
The operations and management systems in hotels contain the action, strategies and tactics to create a world class customer service experience that is needed for the productivity and development of your hotel. Cutting costs avoid high employee retention and increase reservations and customer stays. The critical factors are quality management, hotel occupancy rates, facilities planning, production planning, and inventory control. The most critical time of the role of operations is the night audit.Please write a 1 page essay explaining operations and management in the hotel industry.
In: Operations Management
suppose that the hotel acts as a monopolist whose manager chooses what quantity q of rooms to offer for rent. We want to determine the hotel’s optimal choice of quantity on game days.
Consider a hotel which can supply an unlimited number of hotel rooms at the constant marginal cost c = 20 per room per night, so that the hotel’s total cost function is given by C(q) = 20q.1 Assume that demand for hotel rooms in Tallahassee takes two possible values: on game days, demand is described by the demand curve q = 100 − p, while on non-game-days demand is described by the demand curve q = 60 − 2p.
Find the hotel’s total revenue on game days as a function of its quantity choice q. (Recall that total revenue equals price times quantity, where in this case price is described by the inverse demand curve.)
(e) Assuming the hotel maximizes profit, show that it will supply quantity q = 40 on game days.
(f) What will be the hotel price on game days? And what will be the hotel’s game-day profits?
(g) Still focusing on game days, graphically illustrate the demand curve, the hotel’s marginal revenue curve, and the hotel’s marginal cost curve. Indicate the hotel’s optimal quantity and price choices on the graph.
In: Economics
Convert the MileConversions program to an interactive application. Instead of assigning a value to the miles variable, accept it from the user as input.
class MileConversionsInteractive
{
public static void main(String[] args) {
// Modify the code below
final double INCHES_IN_MILE = 63360;
final double FEET_IN_MILE = 5280;
final double YARDS_IN_MILE = 1760;
double miles = 4;
double in, ft, yds;
in = miles * INCHES_IN_MILE;
ft = miles * FEET_IN_MILE;
yds = miles * YARDS_IN_MILE;
System.out.println(miles + " miles is " + in +
" inches, or " + ft + " feet, or " +
yds + " yards");
}
}
In: Computer Science
Lilly collects data on a sample of 40 high school students to evaluate whether the proportion of female high school students who take advanced math courses in high school varies depending upon whether they have been raised primarily by their father or by both their mother and their father. Two variables are found below in the data file: math (0 = no advanced math and 1 = some advanced math) and Parent (1= primarily father and 2 = father and mother).
Parent Math
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
1.0 0.0
2.0 0.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 1.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
2.0 0.0
a) Conduct a crosstabs analysis to examine the proportion of female high school students who take advanced math courses is different for different levels of the parent variable.
b) What percent female students took advanced math class
c) What percent of female students did not take advanced math class when females were raised by just their father?
d) What are the Chi-square results? What are the expected and the observed results that were found? Are they results of the Chi-Square significant? What do the results mean?
e) What were your null and alternative hypotheses? Did the results lead you to reject or fail to reject the null and why?
In: Statistics and Probability
In: Psychology
Scenario Suppose that a movie theater faces a downward sloping demand curve for popcorn and it increases the price of a container of popcorn from $4.00 to $4.80, which causes the count of containers sold to fall from 100 to 90.
Questions 1. What is the elasticity coefficient?
2. Is the demand relatively elastic or relatively inelastic?
3. Should the theater consider raising the price of popcorn further?
4. When a firm faces a downward sloping demand curve, should it ever price its product in the inelastic range of the demand curve (if it has such a range)? Explain why or why not.
5. When a firm is a monopolist (or the only seller of a product), should it price its product in the elastic or inelastic range of its demand curve? Explain.
In: Economics
Pecan Theater Inc. owns and operates movie theaters throughout Florida and Ga. Pecan Theater has declared the following annual dividends over a six-year period ending December 31 of each year, the outstanding stock of the company was composed of 30,000 shares of cumulative, 4% preferred stock, $100 par, and 100,000 shares of common stock, $25 par.
1. Determine the total dividends and the per share
dividends declared on each class of stock for each of the six
years. There were no dividends in arrears at the beginning of Year
1. Summarize the data in tabular form. If required, round your
answers to two decimal places. If the amount is zero, please enter
"0".
Year. Total Dividends. Preferred/Common
1.
48,000
total? per share?
2.
144,000
3.
288,000
4.
276,000
5.
336,000
6.
420,000
2. Determine the average annual dividend per share for each class
of stock for the six-year period. If required, round your answers
to two decimal places.
Average annual dividend for preferred_____ per share
Average annual dividend for common_____per share
3. Assuming a market price per share of $253 for the preferred
stock and $31 for the common stock, determine the average annual
percentage return on initial shareholders' investment, based on the
average annual dividend per share for preferred stock and for
common stock.
Preferred stock______%
Common stock______%
In: Accounting
A. Fair, Inc. is considering an investment in one of two common
stocks. Given the information
that follows, which investment is better, based on risk (as
measured by the standard deviation)
and return?
| Stock | A | Stock | B |
| Probability | Return | Probability | Return |
| 0.3 | 12% | 0.2 | 15% |
| 0.4 | 16% | 0.3 | 6% |
| 0.3 | 18% | 0.3 | 13% |
| 0.2 | 21% |
In: Finance
1. Test the claim that the proportion of people who own cats is
significantly different than 30% at the 0.2 significance
level.
The null and alternative hypothesis would be:
a) H0:μ≤0.3
Ha:μ>0.3
b) H0:p≥0.3
Ha:p<0.3
c) H0:μ≥0.3
Ha:μ<0.3
d) H0:p≤0.3
Ha:p>0.3
e) H0:μ=0.3
Ha:μ≠0.3
f) H0:p=0.3
Ha:p≠0.3
The test is:
-left-tailed
-two-tailed
-right-tailed
Based on a sample of 400 people, 31% owned cats
The p-value is: ____? (to 2 decimals)
Based on this we:
2. You wish to test the following claim (HaHa) at a significance
level of α=0.01α=0.01.
Ho:μ=89.7
Ha:μ≠89.7
You believe the population is normally distributed, but you do not
know the standard deviation. You obtain a sample of size n=12 with
mean M=93.7 and a standard deviation of SD=8.6
What is the p-value for this sample? (Report answer accurate to
four decimal places.)
p-value = ______?
The p-value is...
This p-value leads to a decision to...
As such, the final conclusion is that...
In: Statistics and Probability