Essentials Of Statistics For Business & Economics

9th Edition

ISBN: 9780357045435

Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Publisher: South-Western College Pub

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Chapter 10.1, Problem 6E

Hotel Price Comparison. Suppose that you are responsible for making arrangements for a business convention and that you have been charged with choosing a city for the convention that has the least expensive hotel rooms. You have narrowed your choices to Atlanta and Houston. The file named Hotel contains samples of prices for rooms in Atlanta and Houston that are consistent with a SmartMoney survey conducted by Smith Travel Research. Because considerable historical data on the prices of rooms in both cities are available, the population standard deviations for the prices can be assumed to be $20 in Atlanta and $25 in Houston. Based on the sample data, can you conclude that the mean price of a hotel room in Atlanta is lower than one in Houston?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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Chapter 10.1, Problem 5E

Chapter 10.1, Problem 7E

Chapter 10 Solutions

Essentials Of Statistics For Business & Economics

Ch. 10.1 - The following results come from two independent...Ch. 10.1 - 2. Consider the following hypothesis test. The...Ch. 10.1 - Consider the following hypothesis test....Ch. 10.1 - 4. Condé Nast Traveler conducts an annual survey...Ch. 10.1 - The USA Today reports that the average expenditure...Ch. 10.1 - Hotel Price Comparison. Suppose that you are...Ch. 10.1 - Supermarket Customer Satisfaction. Consumer...Ch. 10.1 - Increases in Customer Satisfaction. Will improving...Ch. 10.2 - The following results are for independent random...Ch. 10.2 - Consider the following hypothesis test:...

Ch. 10.2 - Consider the following data for two independent...Ch. 10.2 - Miles Driven Per Day. The U.S. Department of...Ch. 10.2 - Annual Cost of College. The increasing annual cost...Ch. 10.2 - Salaries of Recent College Graduates. The Tippie...Ch. 10.2 - Hotel Prices. Hotel room pricing changes over time...Ch. 10.2 - Effect of Parents’ Education on Student SAT...Ch. 10.2 - Comparing Financial Consultant Ratings....Ch. 10.2 - Comparing Length of Flight Delays. The success of...Ch. 10.3 - Consider the following hypothesis test. The...Ch. 10.3 - The following data are from matched samples taken...Ch. 10.3 - Television Commercials and Product Purchase...Ch. 10.3 - First-Quarter Stock Market Performance. The price...Ch. 10.3 - Credit Card Expenditures. Bank of America’s...Ch. 10.3 - Domestic Airfare. The Global Business Travel...Ch. 10.3 - SAT Scores. The College Board SAT college entrance...Ch. 10.3 - PGA Tour Scores. Scores in the first and fourth...Ch. 10.3 - Price Comparison of Smoothie Blenders. A personal...Ch. 10.4 - Consider the following results for independent...Ch. 10.4 - Consider the hypothesis test The following...Ch. 10.4 - Corporate Hiring Outlook. A Businessweek/Harris...Ch. 10.4 - Impact of Pinterest on Purchase Decisions. Forbes...Ch. 10.4 - Mislabeled Fish. Researchers with Oceana, a group...Ch. 10.4 - Voter Turnout. Minnesota had the highest turnout...Ch. 10.4 - Oil Well Drilling. Oil wells are expensive to...Ch. 10.4 - Hotel Occupancy Rates. Tourism is extremely...Ch. 10.4 - Gender Differences in Raise or Promotion...Ch. 10.4 - Default Rates on Bank Loans. Carl Allen and Norm...Ch. 10 - Supermarket Checkout Lane Design. Safegate Foods,...Ch. 10 - SUV Lease Payments. Statista reports that the...Ch. 10 - Load Versus No-Load Mutal Funds. Mutual funds are...Ch. 10 - Kitchen Versus Bedroom Remodeling Costs. The...Ch. 10 - Effect of Siblings on SAT Scores. In Born...Ch. 10 - Change in Financial Security. Country Financial, a...Ch. 10 - Differences in Insurance Claims Based on Marital...Ch. 10 - Drug-Resistant Gonorrhea. Each year, more than 2...Ch. 10 - News Access Via Computer. The American Press...Ch. 10 - Par, Inc., is a major manufacturer of golf...

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Solution Summary: The author states the test hypotheses for determining if a hotel room in City A is lower than the mean price in the city.

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