The average cost per night of a hotel room in New York City is $273. Assumes this estimate is based on a sample of 45 hotels and that the sample std. deviation is $65.
a. With 95% confidence, what is the margin of error?
b. What is the 95% confidence interval estimate of the population mean?
c. Two years ago the average cost of a hotel room in New York City was $229. Discuss the change in cost over the two-year period.