SOLUTION: The amount of income spent on housing is an important component of the cost of iving. The total costs of housing for homeowners might include mortgage payments, property taxes, a

Question 199603:
The amount of income spent on housing is an important component of the cost of iving. The total costs of housing for homeowners might include mortgage payments, property taxes, and utility costs (water, heat, electricity). An economist selected a sample of 20 homeowners in New England and then calculated these total housing costs as a percent of monthly income, five years ago and now. The information is reported below. Is it reasonable to conclude the percent is less now than five years ago?: The amount of income spent on housing is an important component of the cost of iving. The total costs of housing for homeowners might include mortgage payments, property taxes, and utility costs (water, heat, electricity). An economist selected a sample of 20 homeowners in New England and then calculated these total housing costs as a percent of monthly income, five years ago and now. The information is reported below. Is it reasonable to conclude the percent is less now than five years ago?
Homeowner Five Years Age Now
1 17% 10
2 20 39
3 29 37
4 43 27
5 36 12
6 43 41
7 45 24
8 19 26
9 49 28
10 49 26
11 35 32
12 16 32
13 23 21
14 33 12
15 44 40
16 44 42
17 28 22
18 29 19
19 39 35
20 22 12

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
find the average of then and now and compare
then =663/20=33%
now =540/20=27%
answer=yes
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