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?

Answer 1

Range = $115

Variance = $1915.2857

Standard deviation = $43.764

Explanation:

Given the data:

234 160 119 131 218 207 146 141

Arranging in ascending order :

119, 131, 141, 146, 160, 207, 218, 234

The range = maximum - minimum

The range = 234 - 119 = 115

The variance :

Σ(x - mean)²/n-1

The mean = Σx / n

The mean = 1356 / 8 = 169.5

Variance :

Σ(x - mean)² = (119-169.5)² + (131-169.5)² + (141-169.5)² + (146-169.5)² + (160-169.5)² + (207-169.5)² + (218-169.5)² + (234-169.5)² = 13407

n - 1 = 8 - 1 = 7

Variance = 13407 / 7 = 1915.2857

Standard deviation = √variance

Standard deviation = √1915.2857

Standard deviation = $43.764