Question

Listed below are prices in dollars for one night at different hotels in a certain region. Find the​ range, variance, and standard deviation for the given sample data. Include appropriate units in the results. How useful are the measures of variation for someone searching for a​ room? 226 126 258 174 91 89 196 86 The standard deviation of the sample data is

Answer 1

Explanation:

Given is a list of prices in dollars for one night at different hotels in a certain region

To find range, variance and std deviation.

Mean 155.75

Standard Error 23.80782434

Median 150

Mode #N/A

Standard Deviation 67.33869616

Sample Variance 4534.5

Kurtosis -1.593759971

Skewness 0.344624422

Range 172

Minimum 86

Maximum 258

Sum 1246

Count 8

Thus we find range = 172 $. This gives an idea about the lowest and highest difference.

Variance = Average of squares of deviations from the mean= 4533.329 $^2gives us an idea about the dispersion of data. This helps to have an idea about the price rise or low in different hotels

Std deviation is square root of variance 67.33 $ shows an idea about the dispersion and also coefficient of variation as a ratio of mean to std deviation.