Chapter 3, Problem 3.67CRP

What was the mean price of a room at two-star, three-star, and four-star hotels in the major cities of the world during 2016? The file HOTEL PRICES contains the prices in Canadian-dollars (about US $0.75 as of December 2016).

For each of the three groups of hotels three-t and four-stars):

1. Calculate the mean, median, first quartile, and third quartile.
2. Calculate the range, interquartile range, variance, standard deviation, and coefficient of variation.
3. Interpret the measures of central tendency and variation within the context of this problem.
4. Construct a boxplot, Are the data skewed? If so, how?
5. Calculate the covariance between the mean price at two-star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels.
6. Calculate the coefficient of correlation between the mean price at two-Star and three-star hotels, between two-star and four-star hotels, and between three-star and four-star hotels
7. Which do you think is more valuable in expressing the relationship between the mean price of a room at two-star, three-star, and four-star hotels—the covariance or the coefficient of correlation? Explain.
8. Based on what conclusions can you reach about the relationship between the mean price of a room at two-star, three-star, and four-star hotels?