Hypothesis test on a difference in two means( Prices per one day for the same ho
ID: 3317052 • Letter: H
Question
Hypothesis test on a difference in two means( Prices per one day for the same hotel from two different sources).
Hotel Name
Price Website 1
Price Website 2
Jaslin Hotel
$105
$119
Lowes Chicago Hotel
$192
$199
The James Chicago-Magnificent Mile
$99
$113
The Godfrey Hotel
$138
$152
Park Hyatt Chicago Hotel
$321
$328
The Hotel at Midtown
$262
$269
Kimpton Gray Hotel
$127
$134
Silversmith Hotel Chicago Downtown
$170
$156
River Hotel
$114
$121
Central Loop Hotel
$121
$114
Virgin Hotels Chicago
$166
$187
Fairmont Chicago at Millennium Park
$152
$169
Four Seasons Hotel Chicago
$313
$320
Thompson Chicago
$255
$305
ACME Hotel Company Chicago
$138
$152
Wyndham Grand Chicago Riverfront
$118
$125
Chicago Athletic Association
$300
$349
Trump International Hotel
$411
$425
The Langham Chicago
$296
$344
Inn of Chicago
$102
$116
Radisson Blu Aqua Hotel Chicago
$153
$160
Dewitt Hotel
$151
$178
Ace Hotel Chicago
$230
$237
Sheraton Grand Chicago
$142
$149
Crowne Plaza Chicago West Loop
$130
$171
Comfort Suites Michigan Avenue Loop
$145
$169
The Talbott Hotel
$223
$279
Conrad Chicago
$261
$275
Ambassador Chicago
$164
$178
Hyatt Regency Chicago
$192
$199
Congress Plaza Hotel
$142
$149
Sofitel Chicago Magnificient Mile
$174
$188
Dana Hotel and Spa
$138
$152
Kimpton Hotel Palomar Chicago
$157
$164
Perform a t-test to determine if the relationship is significant or not. Use a 5% level of significance and show all parts of the test.
Hotel Name
Price Website 1
Price Website 2
Jaslin Hotel
$105
$119
Lowes Chicago Hotel
$192
$199
The James Chicago-Magnificent Mile
$99
$113
The Godfrey Hotel
$138
$152
Park Hyatt Chicago Hotel
$321
$328
The Hotel at Midtown
$262
$269
Kimpton Gray Hotel
$127
$134
Silversmith Hotel Chicago Downtown
$170
$156
River Hotel
$114
$121
Central Loop Hotel
$121
$114
Virgin Hotels Chicago
$166
$187
Fairmont Chicago at Millennium Park
$152
$169
Four Seasons Hotel Chicago
$313
$320
Thompson Chicago
$255
$305
ACME Hotel Company Chicago
$138
$152
Wyndham Grand Chicago Riverfront
$118
$125
Chicago Athletic Association
$300
$349
Trump International Hotel
$411
$425
The Langham Chicago
$296
$344
Inn of Chicago
$102
$116
Radisson Blu Aqua Hotel Chicago
$153
$160
Dewitt Hotel
$151
$178
Ace Hotel Chicago
$230
$237
Sheraton Grand Chicago
$142
$149
Crowne Plaza Chicago West Loop
$130
$171
Comfort Suites Michigan Avenue Loop
$145
$169
The Talbott Hotel
$223
$279
Conrad Chicago
$261
$275
Ambassador Chicago
$164
$178
Hyatt Regency Chicago
$192
$199
Congress Plaza Hotel
$142
$149
Sofitel Chicago Magnificient Mile
$174
$188
Dana Hotel and Spa
$138
$152
Kimpton Hotel Palomar Chicago
$157
$164
Explanation / Answer
H0 : There are no difference between prices per one day for the same hotel from two different sources. 1 - 2 = 0
Ha : There are no difference between prices per one day for the same hotel from two different sources. 1 - 2 0
Here we will use t test for paired(dependent data) for two sample means.
HEre the difference table is
Here average difference in prices are dbar = $ 15.971
Standard deviation of difference in prices sd = $ 15.789
sample size = 34
Standard error of difference sed = sd / sqrt(n) = 15.789/ sqrt(34) = $ 2.7078
Test statistic
t = (dbar)/ sed = 15.971/2.7078 = 5.8979
Here for dF = 34 - 1= 33 and alpha = 0.05
tcritical = t33,0.05 = 2.03222
Here t > tcritical so we shall reject the null hypothesis and can conclude that there is signifcant difference between the prices mentined on two websites.
Hotel Name Price Website 1 Price Website 2 Difference Jaslin Hotel $105 $119 $14 Lowes Chicago Hotel $192 $199 $7 The James Chicago-Magnificent Mile $99 $113 $14 The Godfrey Hotel $138 $152 $14 Park Hyatt Chicago Hotel $321 $328 $7 The Hotel at Midtown $262 $269 $7 Kimpton Gray Hotel $127 $134 $7 Silversmith Hotel Chicago Downtown $170 $156 ($14) River Hotel $114 $121 $7 Central Loop Hotel $121 $114 ($7) Virgin Hotels Chicago $166 $187 $21 Fairmont Chicago at Millennium Park $152 $169 $17 Four Seasons Hotel Chicago $313 $320 $7 Thompson Chicago $255 $305 $50 ACME Hotel Company Chicago $138 $152 $14 Wyndham Grand Chicago Riverfront $118 $125 $7 Chicago Athletic Association $300 $349 $49 Trump International Hotel $411 $425 $14 The Langham Chicago $296 $344 $48 Inn of Chicago $102 $116 $14 Radisson Blu Aqua Hotel Chicago $153 $160 $7 Dewitt Hotel $151 $178 $27 Ace Hotel Chicago $230 $237 $7 Sheraton Grand Chicago $142 $149 $7 Crowne Plaza Chicago West Loop $130 $171 $41 Comfort Suites Michigan Avenue Loop $145 $169 $24 The Talbott Hotel $223 $279 $56 Conrad Chicago $261 $275 $14 Ambassador Chicago $164 $178 $14 Hyatt Regency Chicago $192 $199 $7 Congress Plaza Hotel $142 $149 $7 Sofitel Chicago Magnificient Mile $174 $188 $14 Dana Hotel and Spa $138 $152 $14 Kimpton Hotel Palomar Chicago $157 $164 $7 Average $15.971 Std. Dev. $15.789Related Questions
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