In order to determine the average price of hotel rooms in Atlanta, a sample of 64 hotels was selected. It was determined that the average price of the rooms in the sample was $108.50 with a standard deviation of $16.
a.Formulate the hypotheses to determine whether or not the average room price is significantly different from $112.
b.Compute the test statistic.
c.At 95% confidence using the p-value approach, test the hypotheses. Let $\alpha$ = 0.1.

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The Answer of In order to determine the average price of hotel rooms in Atlanta, a sample of 64 hotels was selected. It was determined that the average price of the rooms in the sample was $108.50 with a standard deviation of $16.
a.Formulate the hypotheses to determine whether or not the average room price is significantly different from $112.
b.Compute the test statistic.
c.At 95% confidence using the p-value approach, test the hypotheses. Let $\alpha$ = 0.1.

In Order to Determine the Average Price of Hotel Rooms α\alphaα

In Order to Determine the Average Price of Hotel Rooms $\alpha$