Question

Why luxury hotels might have higher variability than the budget hotels. Think about the Hotel Industry and why you might see greater price variability for upscale goods compared to budget items.

Answer 1

Full question attached

Answer:

mean and standard deviation of luxury hotels=145, 27.6

mean and standard deviation of budget hotels=46.1, 5.13

There is higher variability for luxury hotels than budget hotels

Explanation:

Please see attachment for explanation