Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
Answer:
The Emperor Hotel in Bangkok has the higher z-score, so it is more expensive compared to other hotels in its city.
Step-by-step explanation:
Z-score:
In a set with mean [tex]\mu[/tex] and standard deviation [tex]\sigma[/tex], the zscore of a measure X is given by:
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this question:
The most expensive hotel has the higher z-score. So
Emerald Hotel in Moscow:
Costs $200, which means that [tex]X = 200[/tex]
The average hotel price in Moscow is $216 per night with a standard deviation of $32, which means that [tex]\mu = 216, \sigma = 32[/tex]. So
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
[tex]Z = \frac{200 - 216}{32}[/tex]
[tex]Z = -0.5[/tex]
Ocean View Hotel in Cancun
Costs $183, which means that [tex]X = 183[/tex].
The average hotel price in Cancun is $161 per night with a standard deviation of $22, which means that [tex]\mu = 161, \sigma = 22[/tex]. So
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
[tex]Z = \frac{183 - 161}{22}[/tex]
[tex]Z = 1[/tex]
Emperor Hotel in Bangkok
Costs $120, which means that [tex]X = 120[/tex].
The average hotel price in Bangkok is $100 per night with a standard deviation of $17, which means that [tex]\mu = 100, \sigma = 17[/tex]. So
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
[tex]Z = \frac{120 - 100}{17}[/tex]
[tex]Z = 1.18[/tex]
The Emperor Hotel in Bangkok has the higher z-score, so it is more expensive compared to other hotels in its city.
Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
