The file Hotel Prices contains the prices in British pounds (about US$ 1.52 as of July...

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Statistics

The file Hotel Prices contains the prices in British pounds(about US$ 1.52 as of July 2013) of a room at two-star, three-star,and four-star hotels in cities around the world in 2013.

City

Two-Star

Three-Star

Four-Star

Amsterdam

74

88

116

Bangkok

23

35

72

Barcelona

65

90

106

Beijing

35

50

79

Berlin

63

58

76

Boston

102

132

179

Brussels

66

85

98

Cancun

42

85

205

Chicago

66

115

142

Dubai

84

67

111

Dublin

48

66

87

Edinburgh

72

82

104

Frankfurt

70

82

107

Hong Kong

42

87

131

Istanbul

47

77

91

Las Vegas

41

47

85

Lisbon

36

56

74

London

74

90

135

Los Angeles

80

118

200

Madrid

47

66

79

Miami

84

124

202

Montreal

76

113

148

Mumbai

41

72

90

Munich

79

97

115

New York

116

161

206

Nice

69

87

133

Orlando

45

78

120

Paris

76

104

150

Rome

75

82

108

San Francisco

92

137

176

Seattle

95

120

166

Shanghai

22

49

79

Singapore

58

104

150

Tokyo

50

82

150

Toronto

72

92

149

Vancouver

74

105

146

Venice

87

99

131

Washington

85

128

158

a. Compute the mean, median, first quartile, and thirdquartile.

b. Compute the range, interquartile range, variance, standardde-viation, and coefficient of variation.

c. Interpret the measures of central tendency and variationwithin the context of this problem.

d. Construct a boxplot. Are the data skewed? If so, how?

e. Compute the covariance between the average price at two-starand three-star hotels, between two-star and four-star hotels, andbetween three-star and four-star hotels.

f. Compute the coefficient of correlation between the averageprice at two-star and three-star hotels, between two-star andfour-star hotels, and between three-star and four-star hotels.

g. Which do you think is more valuable in expressing therelation-ship between the average price of a room at two-star,three-star, and four-star hotels—the covariance or the coefficientof cor-relation? Explain.

h. Based on (f), what conclusions can you reach about therelationship between the average price of a room at two-star,three-star, and four-star hotels?

Answer & Explanation Solved by verified expert
4.2 Ratings (712 Votes)
ab c Mean of Two star is smaller than the median Showingnegatively skewedMean of Three star is greater than    See Answer
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