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Vacation occupancy rates were expected to be up during March 2008 in Myrtle Beach, South Carolina ( The Sun News, February 29, 2008). Data in the file Occupancy will allow you to replicate the findings presented in the newspaper. The data show units rented and not rented for a random sample of vacation properties during the first week of March 2007 and March 2008. a. Estimate the proportion of units rented during the first week of March 2007 and the first week of March 2008. b. Provide a 95% confidence interval for the difference in proportions. c. On the basis of your findings, does it appear March rental rates for 2008 will be up from those a year earlier?

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

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BuyFindarrow_forward

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
Chapter 10, Problem 46SE
Textbook Problem
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Vacation occupancy rates were expected to be up during March 2008 in Myrtle Beach, South Carolina (The Sun News, February 29, 2008). Data in the file Occupancy will allow you to replicate the findings presented in the newspaper. The data show units rented and not rented for a random sample of vacation properties during the first week of March 2007 and March 2008.

  1. a. Estimate the proportion of units rented during the first week of March 2007 and the first week of March 2008.
  2. b. Provide a 95% confidence interval for the difference in proportions.
  3. c. On the basis of your findings, does it appear March rental rates for 2008 will be up from those a year earlier?

a.

To determine

Find the proportion of units rented during the first week of March 2007 and the first week of March 2008.

Explanation of Solution

Calculation:

The data represents the units rented and not rented during the first week of March 2007 and March 2008.

The proportion of units rented during the first week of March 2007 is p¯1.

Here, the total units are 200 and 70 units have been rented.

p¯1=x¯1n1=70200=0.35

Thus, the proportion of units rented during the first week of March 2007 is 0

b.

To determine

Obtain 95% confidence interval for the difference in proportions.

c.

To determine

Check whether the March rental rates for 2008 will be up from those a year earlier or not.

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Chapter 10 Solutions

STATISTICS F/BUSINESS+ECONOMICS-TEXT
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