View the step-by-step solution to:

The amount of income spent on housing is an important component of the cost of living.

58. The amount of income spent on housing is an important component of the cost of living. 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 Ago Now     Homeowner Five Years Ago Now
1 17% 10%                         11 35% 32%
2 20 39                           12 16 32
3 29 37                           13 23 21
4 43 27                           14 33 12
5 36 12                           15 44 40
6 43 41                           16 44 42
7 45 24                           17 28 22
8 19 26                           18 29 19
9 49 28                           19 39 35
10 49 26                          20 22 12

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question